Could a Victorious Central Powers hold on to the Ukraine?

Yes very easily and the conservative ukrainans hold very little love to bolshevikes, meaning they win the war, we going to see a ukranian kingdom outside whatever happens to russia
 
The Germans are NOT going to be overthrowing the Bolsheviks, at least in the foreseeable future. I’m not sure why this idea is so popular here, I blame Kaiserreich. After the Left SR coup was crushed the idea was never seriously considered by anyone important. The only people who supported invading Russia were a few officers in the army, mostly stationed in Ober Ost. The foreign ministry was completely against the idea, as they recognized that any government installed by the Germans would be very unstable.

In August 1918 the Germans secured with the Bolsheviks a supplementary treaty and economic agreement which essentially turned Soviet Russia into an economic satellite of Germany. So it would have been in Germany’s best interests to see the Bolshevik state continue, at least for a time.

The question is, for how long a time? Of course with the war in a critical situation in the West, overthrowing the Bolsheviks could not be a priority for the Germans, especially since the Bolsheviks were willing to make all sorts of economic concessions. To quote a post of mine:

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A likely option for a victorious Germany: supporting neither the Bolsheviks nor the pro-Allied majority of the Whites but setting up a puppet government of their own like Skoropadski's in Ukraine. Krasnov https://en.wikipedia.org/wiki/Pyotr_Krasnov would be an obvious figurehead...

(In OTL, even when the Kaiser rejected the idea of military intervention against the Bolsheviks in the summer of 1918, he significantly added the words "without foreclosing future opportunities." https://books.google.com/books?id=5mSkxsos488C&pg=PA184 A German victory in the West might provide such an opportunity, given that the Germans were well aware that the Bolsheviks still wanted a revolution in Germany.)

The Bolsheviks might be the lesser evil compared with strongly anti-German moderate socialists and Kadets (some Kadets, like Milyukov, were willing to reconsider their hostility to Germany, but they wanted a serious revision of Brest-Litovsk). But was that really the only choice open to the Germans if they won in the West? I know it's been objected that the German people would be in no mood for a new war, but the Red Army was in its infancy, and replacing the Bolsheviks with a puppet government would not take a huge military effort...

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Once again this presupposes a German victory in the West, so the fact that the Germans did not attempt this in OTL when they were obviously preoccupied with the war in the West is not decisive.

BTW, those who favored overthrowing the Bolsheviks even while the War was going on were not insignificant (though they were opposed by the Foreign Office, whose side the Kaiser eventually took). They included not only important generals but the embassy in Moscow: "After the Czechoslovak rising, Mirbach and Riezler lost all faith in Lenin's government and urged Berlin to seek in Russia an alternate source of support.." https://books.google.com/books?id=5mSkxsos488C&pg=PA183
 
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