What name is given to the 1998 collapse of Russia's ruble and government bond market?

The 1998 collapse of Russia’s ruble and government bond market is called the Russian financial crisis.

Russia devalued the ruble and declared a moratorium on some domestic debt payments on August 17, 1998. The government also restructured short-term treasury bills known as GKOs. These actions followed falling oil prices, weak tax collection, political instability, and the financial damage left by the Asian crisis.

The shock spread beyond Russia through international investors and leveraged financial positions. Long-Term Capital Management, a major U.S. hedge fund, suffered enormous losses partly because its models had not anticipated such extreme market conditions. The Federal Reserve helped arrange a private-sector rescue, although it did not directly bail out the fund. The Russian crisis was therefore both a national sovereign and currency crisis and an important episode in the wider global financial system.