Help! Start of G5\. What are my best options here.

Things look bad. If Japan has the money islands, they should be doing well though given that they have a lot of china and some of siberia. Perhaps kill the tanks in Belarus and try not to lose ground. A few bombers could kill the 2 troops in Egypt perhaps but if they mobilise 3 ground units, I don’t know if you can take it down as Italy. I assume that UK CV will move before the 2 Italian subs can hit it.

Be nice to take back Norway. Not sure about that though, it can be costly in allowing USSR to prosper.

The first thing I noticed about your board state is how thin you appear to be spread. You need more ground units to reinforce your frontlines and overwhelm the Russians in the East. Additionally without an air force or credible naval threat you will be powerless to stop allied landings. Therefore, I would say you have 3 main problems to address.

1. Center Russian front.
Your invading armies have been pushed to their peripheral factories while your center drive appears to have been extinguished. If you plan to win by conquering Russia you need more ground units built in Germany, Romania, and Leningrad marching east. You need Infantry and Mech to provide cheap units to defend your expensive tanks. Infantry can be built closer to the front while mech can be bought in Germany. Once you accumulate a greater number of units than your opponent you will be able to make safer attacks. Russia will win the current war of attrition unless you adapt your purchases.

2. Baltic and North Atlantic front.
Retaking Norway needs to be a priority. You risk a landing in Germany if you lose control of the Danish strait. Additionally without it you are -8 ipcs. Your troops in Leningrad risk being surrounded at the same time. A transport or two would let you not only easily retake Norway with an invasion force built in W. Germany, but also would provide a reliable way to reinforce your units in Leningrad. Make sure you have enough surface fleet to discourage those allied fighter planes from sinking your transports. You can move 2 infantry and 2 artillery from Paris to W. Germany.

3. Airforce
The allied fleet is either going to make a landing in Europe that you can’t repel or get sunk by you. The planes lost in Leningrad need to be replaced because aircraft are essential to fighting across Europe. Aircraft assist in attacks, protect your navy with scrambles, defend your factories from bombing, and have enough movement to be where they are needed each turn.

If you have 56 ipcs this turn my recommendation for stabilizing the board and turning this into a winning scenario would be:

Leningrad - 3 infantry (9ipcs)
Romania - 3 infantry (9ipcs)
W.Germany - fighter (10ipcs)
SZ 113 - destroyer, sub, 2 transports (28ipcs)

total = 56.

What this allows you to do is:
Begin to stabilize your forces in your factories. They are at serious risk of being overwhelmed. A gradual build up of infantry and artillery will help you.
By moving 2 inf and 2 art to W. Germany from Paris, A new fleet in SZ 113 can either drop them off in Norway the following turn, or send them to reinforce Leningrad.
The fighter plane increases your defensive scramble in SZ 113 against British air and begins the process of rebuilding your air units.

Additionally a gradual increase in your number of submarines and aircraft will allow you to attack the allied fleets in the Atlantic or even the Med using S. France. You’ve made some territorial gains this game, but are running out of steam. You need ground units to get the job done. You should consider building mech when possible in Germany.

I’ll add to Grim’s post a small note.

If able, start bombing Moscow.  Use Japan’s bomber(s) if needed.  They can hit from Western China.  Have Japan keep casually gobbling up Eastern Russia to pinch their economy more.