Take Romania on your first turn. If Russia stacks Ukraine on her turn wait (out of striking distance) for Germany to move half of his army to Galicia and move your Austrian Russian contingent there as well (possible from Budapest after a retreat). Your supply line from Vienna is very short.
Meanwhile take the northern territories with your German army, attack Sevastopol with Ottoman and conquer the Balkan.
Perhaps you will not be able to defeat the Russian army this way, but at least with the Balkan IPC gained (10 IPC) and Poland, Livonia, Karelia, Finland, Sevastopol, Belarus, Tartarstan conquered or contested you will have to worry about the Russians less per each turn passing. Russia will be down to 9-12 IPC. Your conquered territories in Russia will give you the IPC to keep this status quo since you only have to defend.