On what date did Russia announce the debt default central to the 1998 financial crisis?

Russia announced the debt default central to its 1998 financial crisis on August 17, 1998.

On that date, the Russian government and central bank announced a package that included a devaluation of the ruble, a temporary moratorium on some private foreign debt payments, and a restructuring of domestic government debt. The announcement followed mounting pressure on Russia’s finances and currency.

The crisis had several underlying causes. Oil prices were weak, tax collection was poor, public borrowing was heavy, and confidence in Russia’s ability to maintain its exchange-rate policy had deteriorated. Investors withdrew capital, intensifying pressure on the ruble and domestic markets.

The Russian crisis also contributed to the failure of Long-Term Capital Management, a highly leveraged U.S. hedge fund, after its losses threatened wider financial-market disruption. Russia’s 1998 episode is therefore connected to, but not identical with, the separate Asian financial crisis that began in 1997.