I agree with Thamor; as Germany I launched a three-prong Russian assault. The thrust from Finland pulls Soviet defenders away from the main battle, and if you get lucky, you take Archangel, permanently nullifying the convoy.
After holding off the Soviet counterattacks, you really start to eat into his IPCs, adding $$$ to Germany. This offsets the drain on resources in the West. I shift every possible unit to the East. A skeleton force across France, N-B and EFrance is fine for the first three or four turns. Buying fighters and tanks is my preference, salted with just enough infantry to soak off, until the fourth turn when tons of infantry are planted in Germany, ready to shift out to the beaches and hold the Brits/Yanks off from securing a forward fighter base.
Meanwhile, I think taking the Middle East is a gas. Start by amphib taking of Malta on turn one, then send the task force in to eliminate the Brit flotilla in the E Med. Before you know it, the Allies are forking over hard-earned IPCs to you, and your tank is rolling into the Caucasus to support the thrust on Stalingrad and Moscow. You do have to be prepared to live with keeping your battlewagon and destroyer out of the Atlantic for most or all of the game, but if the dice hold up, you take Moscow by turn six, just as the Western Front is under D-Day assault conditions. They miss by a turn or two, depending on how robust and flexible your defense is (and how clunky the Allies are in forming up for the attacks).