Then he & the Axis would have obliterated the U.S.S.R., just as he wanted. There'd have been no "Holocaust" as he'd be able to expel all to whom he objected to Palestine, Madagascar, Siberia or elsewhere. There'd have been no "Cold War", Mao et al. wouldn't have won in China, no Korean War, no pseudo-democratic Russia today, & probably no N.A.T.O. or E.U.
Absent Allied aid ("Lend-Lease"), the U.S.S.R. would get the 30,000 aircraft, 25,000 tanks, 1000's of trucks & Jeeps, & vast amounts of rolling stock & rails, radios, medicines, food, & H.M.S.Royal Sovereign, a WWI battleship.
Meanwhile, Germany & Italy could devote virtually all their military effort at the U.S.S.R. Five complete German armies on occupation duty in the West could move East, as could the full Luftwaffe & Kriegsmarine.
Italy could add 4,000 aircraft (2nd-line, but as good as the Soviets had), a navy much larger than Germany's, & 1200+ merchant ships. It had an army of 67 divisions that could be employed in the east, leaving enough to protect its African possession.
With no Allied bombing to disrupt Axis production, the Axis could match the U.S.S.R in production of any goods. Overall, likely a better situation than we've tolerated these 70+ years.