On what date did Russia announce its 1998 debt default during the global market crisis?

Russia announced its 1998 domestic debt default and ruble devaluation on August 17, 1998.

The announcement came after Russia struggled with falling oil prices, weak tax collection, large budget deficits, and heavy short-term borrowing. Investors had purchased government treasury bills known as GKOs, but confidence deteriorated as repayment became increasingly difficult.

Russia widened the ruble’s trading band, suspended payments on some domestic debt, and declared a moratorium on certain foreign debts owed by private borrowers. The measures intensified international financial stress. The hedge fund Long-Term Capital Management later required an organized private-sector rescue after losses linked partly to the turmoil.

This event is often called a sovereign default, but the announcement combined several actions rather than representing one simple missed payment. The crisis also differed from the 1997 Asian crisis, although both involved capital flight and pressure on currencies.