Complex sentence: Wilhelm II had thought that he could form an alliance with France if most of their demands were met, and an alliance with Russia due to the Revolution of 1905 and Russo-Japanese War putting them in a weak, ally-hungry position.
Split into simpler sentences: Wilhelm II had thought that he could form an alliance with France if most of their demands were met. He also thought that better relations with Russia were possible due to the Revolution of 1905 and Russo-Japanese War putting them in a weak, ally-hungry position.