Yes, absolutely it would destabilize.
Ukraine is right in the heart of Europe, the crossroads of civilizations. It's the frontier of the European Union and NATO, and therefore a collapse of Ukraine—as Mr. Putin would like to see, a failed state—would mean all kinds of issues.
I'm out of time here, but I could continue listing all the negative impacts it would have on Ukraine, Europe, and the entire free world. I think it's in Canada's and NATO's best interests to ensure that this doesn't happen—for Ukrainian interests, but I keep emphasizing, for our own interests as well.