If Leningrad falls the Finns and Germans will cut the Murmansk Railway in early 1942, pretty much shutting down the Northern route for Lend Lease until late 1943 when the capacity upgrades for Arkhangelsk are completed. Large formations of Germans are freed up for duty elsewhere, which probably will prove decisive for Case Blau.
I don't think the Finns and Germans cutting the Murmansk railway or, especially, capturing Murmansk in early 1942 is likely. Time and resources will be needed to put the captured Leningrad area into order, for one thing. While the city and its port may become a boon for German logistics later in 1942, in the first months after its capture there will be a lot of damage to the infrastructure from the fighting, and from likely Soviet sabotage. It is likely that the Soviets have also sunk some of the bigger ships to block various strategic points in the seaways around the city, etc. The eastern Gulf of Finland will need minesweeping to be used safely. The Baltic Sea will be iced up from January to late April, and no ship traffic north of Gotland will be possible without icebreaker assistance - the winter of 41-42 was pretty dire, all in all.
The Finnish Army will be tired and spent after the 1941 attack. The whole country is short of food and supplies as it is, and bringing in more will be difficult due to the winter conditions, even with German assistance (the Germans have precious few icebreakers: IOTL if was the Finnish icebreakers that had to help the Germans even in the southern Baltic during that winter). Even on land, the logistics north of the Ladoga would be godawful, especially in the winter, and then immediately after it in the spring. The German troops up north have just recently (during Operation Silver Fox) proven themselves inept at fighting in the northern wilderness conditions, especially in the winter.
All in all, I'd say that the earliest the Finns and Germans can realistically mount a successful attack against the Murmansk railway would be in the summer of 1942. Waiting 5-6 months and building up the logistics, troops and supplies for a new attack in summer conditions would make success up north much more likely.
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