Russians continue to reduce target objectives as they lose troops

 ISW:

Russian forces may be abandoning efforts at a wide encirclement of Ukrainian troops along the Izyum-Slovyansk-Debaltseve line in favor of shallower encirclements of Severodonetsk and Lysychansk. Russian forces likely control almost all of Rubizhne as of May 12 and have likely seized the town of Voevodivka, north of Severdonetsk.[1] They will likely launch a ground offensive on or around Severodonetsk in the coming days. The relative success of Russian operations in this area combined with their failure to advance from Izyum and the notable decline in the energy of that attempted advance suggest that they may be giving up on the Izyum axis. Reports that Russian forces in Popasna are advancing north, toward Severodonetsk-Lysychansk, rather than east toward the Slovyansk-Debaltseve highway, support this hypothesis.

It is unclear if Russian forces can encircle, let alone capture, Severodonetsk and Lysychansk even if they focus their efforts on that much-reduced objective. Russian offensives have bogged down every time they hit a built-up area throughout this war, and these areas are unlikely to be different. Continued and expanding reports of demoralization and refusals to fight among Russian units suggest that the effective combat power of Russian troops in the east continues to be low and may drop further. If the Russians abandon efforts to advance from Izyum, moreover, Ukrainian forces would be able to concentrate their efforts on defending Severodonetsk-Lysychansk or, in the worst case, breaking a Russian encirclement before those settlements fall.

The Ukrainian counteroffensive around Kharkiv is also forcing the Russian command to make hard choices, as it was likely intended to do. The UK Ministry of Defense reports that Russian forces pulled back from Kharkiv have been sent toward Rubizhne and Severodonetsk but at the cost of ceding ground in Kharkiv from which the Russians had been shelling the city.[2] The counteroffensive is also forcing Russian units still near the city to focus their bombardment on the attacking Ukrainian troops rather than continuing their attacks on the city itself. The Ukrainian counteroffensive near Kharkiv is starting to look very similar to the counteroffensive that ultimately drove Russian troops away from Kyiv and out of western Ukraine entirely, although it is too soon to tell if the Russians will make a similar decision here.

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The Russians appear to be running out of resources for large offensive operations.  They have lost too many troops and too much equipment to make more than marginal moves. It looks like the local Russian commanders are trying to make do while the top command is unwilling to retreat back into Russia to rebuild their forces.

See, also:

Russia withdrawing troops after 'heavy losses', proving 'inability to capture key Ukrainian cities,' UK says

Russia once encircled Kharkiv at beginning of the war