If Germany could secure the Caucuses, they would have enough oil to fight on indefinitely while simultaneously depriving the Soviets of oil. Combined with the food from Ukraine, the Red Army would be starved out and forced to make peace. The USSR would concede half of European Russia, but pushing all the way to the A-A line would be unrealistic. After taking Moscow, the Germans will have secured the most economically valuable areas of Russia. Pushing further east would only widen the frontline at the cost of enormous casualties with little valuable gain. The port of Arkhangelsk could easily be blocked by closing the narrow White Sea Throat via Finland.

The Second Vienna Award is reversed in exchange for Romania returning Transnistria to the Reichskommissariat of Ukraine. It never made sense from a demographic or geographic perspective, and was only meant to temporarily placate the Hungarians and Romanians. The South Caucuses are given nominal independence, and become a buffer zone with Turkey and Iran. Switzerland is partitioned with Italy along the peaks of the Alps. Italy also gains Corsica, Tunisia, and the British Mediterranean colonies.

Is this better or worse than our own timeline. How would Big Germany affect you personally?