What date marked the start of the 1998 Russian financial crisis?

August 17, 1998 marked the start of the 1998 Russian financial crisis.

On August 17, 1998, Russia devalued the ruble, declared a 90-day moratorium on some foreign debt payments, and effectively defaulted on domestic ruble debt. The announcement became the central date of the Russian financial crisis and caused severe losses for domestic banks, investors, and holders of Russian securities.

Russia had been under pressure from falling oil prices, weak tax collection, large fiscal deficits, and the cost of maintaining its exchange-rate band. The 1997 Asian financial crisis had also reduced investor appetite for emerging markets. Earlier international assistance did not prevent the eventual breakdown.

The crisis spread beyond Russia through financial markets and investor expectations. It contributed to the failure of Long-Term Capital Management, although that hedge fund's rescue was a separate event rather than the cause of Russia's default.