1) Japan is broke and can't expand its army and navy anywhere near as much nor buy the equipment they'll need for a war with Russia. It would mean at least the end of the Japanese armored cruisers more than enough to tilt the balance of power towards Russia
2) Russia gets a chunk of cash and can begin its naval buildup in 1895 rather than 1898- this would mean the completion of the Borodino class (maybe not those exact ships but battleships) by 1901. Five additional battleships would have been a game changer- especially if Japan's navy can't afford the armored cruisers
3) Occupation of Korea gives Russia access to the Korean bases she desired (Port Arthur is way down the list). The excellent port of Pusan on the straits of Tsushima was highly sought (especially by Makarov) and Seoul or Pyongyang areas offered others. This would mean no Japanese blockade of the fleet and the end of Japan's ability to land troops in Korea
4) The Russians could get real lucky- if the Germans are satisfied with Taiwan, they might not seize Kaichow which leads to the scramble for concessions and the Boxer rebellion. They could continue to play China's friend until the railway is finished
5) The British might decide quite logically, that Japan isn't a credible check on the Russians and not bother with the alliance and rather seek a deal with Russia on much more favorable terms for the Russians
The net result- China could easily have ended up as a Russian protectorate when some rebellion breaks out and the Manchus call for Russian help
All good points that would be interesting to see developed.
3) France is also getting a piece of the action (about 250,000,000 francs) and if they wanted some territory they could get some. Neither Germany or Russia would have objected to giving them the old Kingdom of Okinawa if they wanted it. They didn't
Why wouldn't they want it? And since the scenario you posit still puts Chinese territory (Taiwan) on the table, maybe the French could/would get Hainan island fairly close to Indochina.
Simple- Russia alone had more than enough naval power to deal with Japan's little fleet.
stuff I've read lately seems to back that up in terms of raw numbers and tonnage. Did the Russians have their ships in a good position though, and sufficient bases? I suppose the Germans and French can be counted on to provide coaling support, and the Chinese may as well.
Oddly, the ground situation would be the trickiest part for the Russians. The Japanese have physical possession of Korea and southern Manchuria at the beginning of the diplomatic crisis, and the Russians have no Trans-Siberian railway yet.
With French and German help it would have been child's play to cut off Japan's army on the mainland and bring the little Japanese Empire to its knees- that's why they back down in the end.
Good point-
(Spain would have helped too since they didn't want the Japanese in Taiwan)
How much would Spain want the Germans in Taiwan though?
if the Germans are satisfied with Taiwan, they might not seize Kaichow
Good point, at this time, Amoy, right opposite Taiwan, was more central to their trade and fleet operations in the China seas than any point further north.
But, doesn't the Germans getting Taiwan, a Chinese territory that was as yet unoccupied (Japanese were on the Pescadores though I believe.) kind of interfere with the fiction of Russian and its partners being friends with China?
In OTL the Russians were able to leverage their position to get diplomatic assistance and implied military support from Germany and France.
But, to get an immediate Russian protectorate in Korea, a withdrawal of Japanese forces, German occupation of Taiwan, and beyond that, and indemnity from Japan, threats will not be enough, threats will not be enough, defeats will have to be inflicted on Japanese forces, land and sea, and there needs to be a credible threat that territories closer to home, the Kuriles, Hokkaido, Ryukyus, Tsushima etc, need to be under credible threat of conquest.
You don't get an indemnity out of a country you don't invade.
That all requires a higher level of Russian commitment than OTL, and requires Germany and France to sign on for real naval battles.
So the first parts of any extended timeline really need to play out in detail the military maneuvers of the three intervening powers and how they use battle or blckade to impose their will on Japan successfully.