The Vassal state of Denmark
The war between the Republic of Stockholm and the Kingdom of Denmark finally reached a conclusion today, as the former Kingdom of Denmark has accepted the Ultimatum, albeit at a hefty cost. Their former King Meinhard had originally refused the Ultimatum, stating that his Kingdom 'will fight to the last man and rid this world of the filthy Swedes'. However, his nobles weren't willing to comply with these statements, and they instead disposed of the King, and passed him onto the Republic. The Council will now decide the man's fate, most likely a public execution, to show the world what will happen to those who decide to become enemies of Stockholm.
So, after 1 and a 1/2 years of ruthless bloodshed, the Baltic seas now lies peaceful once again, but with a new dominant power, as the Republic of Stockholm has asserted itself as the undisputed rulers of Sweden and Denmark. Now only the Kingdom of Norway stands in the way of Stockholm and total domination of Scandinavia, a fact which Norway seems well aware of, as our spy's are reporting mass recruitment taking place all over their lands...
The campaign in Russia, abandoned when the war with Denmark began, is expected to continue once the main army returns to Russia from it's base in Zealand. This unfortunately means that all the hard work and progress made when the invasions began have been undone, so Stockholm's armies will be forced to fight fresher, and surely more experienced enemies. Luckily, the regions taken remain in the hands of the Republic, but some show of force must be returned to the area soon so as to not risk a rebellion.