I negotiate with Blue to get Iceland and then make a cease fire in that border. Then I would have secured Europe which leads to 5 armies bonus. This is to Blue's advantage, since he can focus on Central America and put all his troops there considering that in the next turn he gets to cash in.
Once that is sorted, I put all of my troops in the Ukraine and begin the slow process of weakening Yellow. I would honour the treaty with Green and would try to get as many countries as I can in Asia. I get 5 bonus armies and try to make sure that I get a Risk card every turn, until I am able to put up a formidable attack, perhaps against fortress Australia. The Blue threat in Asia would (hopefully) leave, because he needs to fight down in Central America. If he did not leave, I have a much better chance at getting the cards to cash in than he does, considering that his only option at first is to fight off Central America to get his 5 bonus armies. So everything (barring horrible rolls) should work out fine.