the main issue is that the majority of that "corporate debt" spike is being used as a secondary source of funding for the military efforts, at the very least to fund mic. so, for once the spending isn't used for any productive economic stuff, but crap which is then blown up. secondly, the majority of that lending is being done by the state forcing the banks to provide financing with discounted rates, i.e. the central bank refinancing rate is 21%, yet the state forces the bank to give out a loan to some mic factory with a rate of 5%, i.e. the bank is losing money on that loan. to try and cover its ass, the bank then has to give out loans with 30% rate to regular private borrowers. thirdly, this spending is increasing inflation directly and indirectly. yet to combat inflation the central bank jacks up the rates to 21% so people bring in the money to short term deposits. in the end something has to give: either the inflation will go through the roof even more, or the banks will start to collapse, or the government will have to do either a freeze of deposits or "cyprus scenario" of taking away some of the money from people.
Ukraine