On what date did Russia announce its 1998 ruble devaluation and domestic debt default?

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

The announcement came after years of fiscal strain, low tax collection, falling commodity revenues, and pressure on the ruble. Russia widened the currency’s trading band, declared a 90-day moratorium on some private foreign debt payments, and restructured domestic government debt. The measures shocked investors and intensified the global financial turmoil of 1998.

The crisis weakened Russian banks and caused the ruble to lose much of its value. It also contributed to the collapse of Long-Term Capital Management, a highly leveraged U.S. hedge fund whose positions were threatened by extreme market movements. The Federal Reserve helped organize a private-sector rescue, rather than directly bailing out the fund.

The event is sometimes called Russia’s 1998 default, but the government’s announcement involved both currency devaluation and debt restructuring. Those details distinguish it from a simple stock-market fall.