What was the name of Russia's 1998 debt default and ruble collapse crisis?

Russia’s 1998 debt default and ruble collapse crisis was called the Russian financial crisis.

In August 1998, Russia devalued the ruble, defaulted on domestic government debt, and declared a temporary moratorium on payments by commercial banks to foreign creditors. The events followed years of fiscal strain, weak tax collection, falling oil prices, and the financial shock spreading from the 1997 Asian crisis.

Russia had issued large volumes of short-term government securities known as GKOs. The government struggled to refinance them as investor confidence deteriorated. The ruble fell sharply, inflation rose, and Russian banks faced severe stress. International markets were also unsettled, especially because the hedge fund Long-Term Capital Management held positions linked to Russian and other markets.

The crisis did not mean that every Russian obligation was permanently repudiated. It centered especially on ruble-denominated domestic debt and the forced restructuring of certain liabilities. A recovery followed in the early 2000s, helped partly by stronger oil prices and a more competitive ruble.