The corona crisis is the first crisis in the history of Ukraine with none of the following: bankruptcy of banks spike in inflation catastrophic decline in international reserves long lines near ATMs. Unlike in previous crises, the banking system today is not a burden for the economy, but rather its lifeline.
That is important because, in a nutshell, the turmoil in financial markets is not just a “City” event. How potent it will be macroeconomically will depend on how long current conditions persist, and the feedback loop between the financial economy and the real economy.