The US has forged a peace proposal with Russia that, as the French are putting it, amounts to Ukraine’s capitulation. For President Volodymyr Zelensky, the worst possible world stares him in the face—a world in which Ukraine must sacrifice territory and self-defense to gain something resembling peace, and Russia must sacrifice nothing yet gain everything it has asked for and more. It is a dangerous moment for Ukraine in more ways than one. An investigation into corruption in Ukraine has found that allies of the president have enriched themselves during the war.