No, in the scheme of things Ukraine (or even Russia for that matter) by themselves mean very little to the global economy and markets.
But when/If the invasion occurs it will still cause a very substantial sell-off due to the extrapolated potential and the fear of the two most powerful war machines ever to exist on Earth finally meeting head-to-head (after nearly a century posturing about it).
Personally, I don't believe anything is going to happen and it will all simmer down again. If it does happen then I think markets will crash then but bounce back again pretty quickly when everyone realises the US won't engage, beyond noise-making and harsher sanctions.
