Status quo ante bellum between the great powers. Can pretend Jelbania has been under military rule for a few years and has now regained independence and that perhaps Vanuku just took a lot of historical artifacts (Fourth Crusade with Venice kind of idea) after years of systematic looting.
I do believe both Zanz and Polites are moving forwards with some kind of Jelbic USSR plan and Vanuku will sort of join in with that as well. I've already settled everything with Cildania in-game.