This chapter examines the evolution of Ukraine’s financial system through three major crisis episodes—2008–2009, 2014–2017, and 2022, linking precrisis structural features to shock transmission and policy responses. The distinctive features of these crises and the strategies implemented to overcome their profound impact on the country’s financial stability were explored. The chapter contributes an integrated narrative and comparable metrics that explain why crisis impacts differed across episodes and identifies priority reforms to enhance macro-financial stability in a war-affected emerging economy.