What was the 1998 Russian default and ruble crisis that shook global markets called?

The 1998 Russian default and ruble crisis that shook global markets was called the Russian financial crisis.

Russia devalued the ruble and defaulted on domestic ruble-denominated debt on 17 August 1998. The government also imposed a temporary moratorium on some foreign debt payments. Falling oil prices, weak tax collection, political uncertainty, and the costs of defending the ruble had strained public finances.

The crisis spread beyond Russia through international financial markets. The collapse of Long-Term Capital Management, a highly leveraged U.S. hedge fund, became a major associated episode. The Federal Reserve helped coordinate a private-sector rescue because officials feared disorderly liquidation could destabilize markets further.

The Russian event is sometimes described simply as the 1998 ruble crisis, but Russian financial crisis is the standard broader name. It followed the 1997 Asian crisis and preceded Russia's later recovery, which was aided by higher oil prices and the 1998 ruble depreciation.