We did this whole gambit a couple of plays ago and it worked great. Russian income by turn 6-8 was preserved for quite a while despite the German takes (and the Russian exped. force leavign makes Russia weaker on the offense)
The only problem with this is that you as the British have to just ignore the Italians and let them wander around the desert because if Uk takes the territories first, Russia cant. so there is a big wait by both teams, which leaves you with not particularly much to do. Probably must do well at Taranto, because if you don’t, the Italians can double team you with their fleet plus the forces UK ignored.
People say they can load the Russian men onto transports for the islands but this has always proven unworkable for me (esp. because the islands are in the SZ without the convoy…and you have to sit there stacked up for multiple turns, Germany usually zaps you)