Well, Russia is in deep trouble. We can say that for certain. Turkey has Italy walled off and is no doubt currying all kinds of favor with Austria and Germany right now by moving to the Black Sea. Russia provoking Turkey on the same turn by tapping Bulgaria didn't help.
But the main plot here is England and France. In short: What are they doing?! The Triple Alliance is strewn out to the east, Turkey is in its typical corner and Russia is a ripe fruit about to be plucked. I am almost certain after the stunt Germany tried to pull in A02 with Belgium that England would be oh so happy to take advantage of Germany and Russia's weakness, but France and England are both devoting everything and I mean EVERYTHING to defense against each other. They're really missing out.
England: Needs to find some way to get France off its back in Belgium. There's no reason why the two of them could not put a serious dent in Germany, Russia and Italy. Germany has an impressive array of troops in Scandinavia, but no real way of converting that array into a meaningful offensive against England without taking a couple turns to readjust -- time he wouldn't have if England struck quickly.
Alternatively England could go after Russia, the spoils there aren't really worth mentioning, but the time it would take might make France or Germany drop their guard for a stab.
France: Italy is ripe for the picking. Belgium can't be cracked if England doesn't want it to be unless Germany helps (and it appears Germany changed its mind on that). Germany can also be profitably attacked with English help. Making peace and going after someone else is almost a no-brainer here. I'm surprised it hasn't happened yet.
Germany: I almost have to assume Germany is responsible for England's and France's situation. The diplomacy is clearly what's putting those two at odds, and no one else would have the sway to make that happen with both parties aside from Germany. The German strategy has been working thus far, but I'd be concerned about the relatively slow rate of expansion here because it is typically very difficult to keep two powers at war for very long without actively intervening on one or the other's behalf. If Germany can keep England and France busy with each other, then it's in a very good way. If not, the result could get ugly.
Italy: A similarly tenuous position as Germany here; completely dependent on French goodwill which has fortunately for him been very forthcoming. If France comes in from the west, Italy is done for. The very fortunate thing for Italy, though, is that France may well decide to keep him around for a while. Those three fleets bottling up Turkey in the Ionian Sea are immensely valuable and the only way to guarantee they stay there is to forgo the attack on Italy. Now, naturally this doesn't leave Italy much option in the way of expansion... but that's typically the price paid for a Lepanto against a Juggernaut (particularly one with a competent Turkey).
Austria: Not in a particularly good place. Not in a bad one, either. The Juggernaut is apparently about to crack, but the question of how to capitalize is a hard one to answer. Serbia might be available, and with that turning back the Turkish tide. But where to from there? It'll still be an uphill battle to get anywhere. Russia's decision will prove important.
Russia: In serious shit, but we didn't need to tell you that. Provoking Turkey as Turkey moves to the Black Sea is not wise. The question is whether he can get Austria on his side. If he can, wonderful, he can probably spare himself some potential losses and try his hand at working with them and see where it goes. More likely, though, he loses either Moscow or Rumania (or maybe even both depending on how things go with Turkey).
Turkey: Suddenly not in a great position. Russia turning on it in its own deathbed is not helping matters, but even if Russia were to stay loyal to the end, Russia collapsing is going to allow the infidels to outflank the Ottomans in Armenia. And while the Balkan position is tough to crack, it can be done given enough time -- and there's not enough pressure anywhere else to prevent that time from being given.