What was the name of Russia's 1998 financial crisis that caused a major stock-market collapse?

The Russian financial crisis was the 1998 crisis that caused a major stock-market collapse in Russia.

Russia devalued the ruble and defaulted on domestic debt on August 17, 1998. The crisis followed falling commodity prices, weak tax collection, political uncertainty, and the financial contagion associated with the 1997 Asian crisis. The government struggled to maintain its exchange-rate band and service short-term obligations.

The Russian Trading System Index fell dramatically during the crisis, while the ruble lost much of its value. Banks and businesses faced severe stress, and the shock contributed to the near-collapse of Long-Term Capital Management in the United States, although that hedge fund was not Russian.

The crisis is sometimes simply called the Russian default. That label highlights the sovereign-debt event, while “Russian financial crisis” covers the connected currency, banking, debt, and stock-market turmoil.