And now for the question :
at a situation as descibed above.
Not very ... favorable IMHO.
During the negotiatons most probably it becomes clear, that prior to the war France was the tail, that tried to wiggle with the ... bear, who is now awake and aware of his power.
The (never really settled, esp. in Persia) "
Great Game" towards the Indian Ocean will be opened again, as well as the bickering about the Ottoman Empire :
Russia will get the Dardanells, still, as well as the armenian regions of Little Asia, while Britain and France are relativly "happy" with things in the Ottoman Empire as they are (now that the "newcommer" Germany is out of the game). With the MUCH improved position Russia now has on the Balkan esp. the Dardanells question will become prioritiesed by St.Petersburg.
Also the Far East becomes "interesting" again. Russia will be quite keen on some retaliation to the humiliating end of the (now "first" ?) Russo-Japanes war. With the gained german ships the russians have a nice "core" for a new pacific fleet (... or a mediterrainian fleet ??). And the japanese will be quite pissed, due to the Kiautchou-"arrangements".
Probably Britain will try to "soothe" and intensify relations with Japan, perhaps with offering some more, "financial interesting" supportives measures for the japanese navy (ships, guns, technology). What could well deteriorate relations with Russia also.
Most likely it will, relativly fast, "rethink" about relations to Germany and the (in the previous post forgotten by me) military clauses imposed on Germany. Not easy undertaking since ...
... it will also try to "loosen" the connection between France and Russia, trying to get "firmer" ties to France as well
... trying to square a circle, that would be, IMO. Not to forget, that Italy will be looking for "new" favorable relations to in the meds ...
... "interesting times", indeed.
Luckily (? for Germany ?) the british cabinet did NOT considered this question :
During the July crisis, John Morley asked his cabinet colleagues the simple question "Have you ever considered what will happen if the Russians win?"
Someone recently quoted Benjamin Disraeli. Unfortunatly can't find the post right now, but it roughly goes :
"Britain has no permanent friend and no permanent enemies, but Britain has permanent interest."
Under these auspicies the cabinets decissions may have been ... different.
However, IMO we would see a mayor reshuffle of alliances until 1920 ... at last, with their outcome IMO completly up in the air, take your favored pick.
And then ...