Both are spent. Russia can’t produce a new strike force, Ukraine I suspect has weapons stocked, but knows the casualties would be terrible. Yes they can continue, to no result, or they can stop for now. As someone said Ukraine would be well advised to build 20 nukes that would fit on their cruise missile, and build strong border defense and a huge reserve army, drone army etc.
Russia will very slowly rebuild t72/90, and bmp fleet, rebuild some bears and the cruise missiles, and in the unlikely event they go again in 5-10 years, they will again lose thousands of men and tanks in the early days.
This is the reality trump is trying to chrystalise.