Well if Italy stays out of the war the Med essentially becomes a British lake. That means they have more aircraft for the BOB so that goes worse for the Germans. They also can put more escorts into the Atlantic. When the Germans go after the Soviets more equipment will also be available for LL. As has been mentioned there are numerous threads on the delay in starting Barbarrosa and the effects of the Balkans and North Africa. From what I can tell the consensus is that they wouldn't have helped Germany that much.
For that matter, it's unlikely they could have ever won in Russia, delays or not. Russia was simply too vast to conquer before a single Winter would ruin all supply lines.