I would hit Ukraine with everything I could. I would still hit the British ships (North Sea and Labrador) But I could still get 4 armor and 5 Inf. I think it is important to eliminate the russian armor.
I would build 9Inf and 1Arm.
Then Attack at least one russian territory a turn with Germany and if possible with Japan.
The Russian basicly has no offencive power at this time so the threat of counter attack is at a minmum.
Personaly I am happy when I see this situation with Germany.