Grandkhan
Telvanni Master Wizard
While I wouldn't necessarily go this far, the cleverness of Russian arms build-up is still overstated. I accepted sometime in the 1920's that I would never be able to match the economic and technological advantage Russia had and both Britain and Germany refused to share designs with Scandinavia so I gave up on having a modern military -- to the exception of the air force where prior to jets I still had some level of competence -- and focused on trying (with virtually no success but whatever) to strengthen the international Revolution.
Thats kind of a terrible idea. You had about as much EP as Brazil, and more than Argentina, and somehow they weren't too out of date technologically. You basically went "Bugger it." and folded. Especially since you didn't need to worry about your fleet since there wasn't going to be much of a naval war anyway.
You literally said "London is threatened but we can't risk losing India." which probably wasn't your best idea. Though I guess we both assumed that a Great War wasn't going to start for a while, and hindsight is 20/20.