Very degraded!
According to the Washington think-tank Center for Strategic and International Studies, the Russians have lost around one year’s supply of aircrafts, two years of tank production, and several years of missile production since they invaded Ukraine.
According to Bellingcat, they’ve lost around 70% of their precision missiles and that’s expensive to replace. With sanctions in place, not only can they not afford to replace their missiles, they cant even get access the parts they need in order to replace their other equipment, such as tanks and aircrafts.
They’ve lost over 15.000 soldiers, and their losses are so bad that Putin is likely to declare war on Ukraine very soon (he’ll likely do it on the 9th of May, which is the day the Russians celebrate their victory over Nazi Germany), so that he can draw manpower from the reserves. Not only that, but the Ukrainians are believed to have killed off around 12 of the 20 generals Russia committed to the invasion. A few days ago, the Russian army’s chief of staff Valery Gerasimov was injured when he visited the frontline in the Kharkiv region. Had he died then it would have been a catastrophic loss for Russia, symbolically speaking.
Russia has a large stockpile of old soviet era equipment, but nobody knows how well they’ve maintained their old equipment, and I’m not even sure their soldiers would know how to use such weapons. One thing is for sure, those weapons will be far less effective against anything the Ukrainians have.