On what date did Russia announce its default during the 1998 Russian financial crisis?

Russia announced its default during the 1998 Russian financial crisis on August 17, 1998.

The Russian government and central bank announced a restructuring of domestic ruble debt, a widening of the ruble's trading band, and a temporary moratorium on some foreign debt payments. The announcement became widely known as the Russian default, although the precise obligations and subsequent restructuring were more complex than a single blanket failure to pay.

Russia was under pressure from weak tax collection, falling commodity prices, large fiscal deficits, and heavy reliance on short-term government debt. Investors lost confidence, the ruble collapsed, and Russian banks faced severe stress. The turmoil also contributed to the failure of the hedge fund Long-Term Capital Management, which required a private-sector rescue coordinated by the Federal Reserve.

The 1998 crisis was not the same event as the 1997 Asian crisis, though global investors connected them through changing risk perceptions. Russia later restructured its debts and recovered as economic conditions improved.