What was the name of the 1998 collapse in Russia that followed a government debt default and ruble devaluation?

The 1998 collapse following Russia’s government debt default and ruble devaluation was the Russian financial crisis.

On August 17, 1998, Russia devalued the ruble, defaulted on domestic debt, and declared a temporary moratorium on some foreign debt payments. The government had struggled with falling tax revenues, weak commodity prices, political uncertainty, and pressure on its currency reserves. The crisis damaged banks and businesses and caused a sharp loss of confidence.

The Russian crisis also affected international markets through global investors and hedge funds. The failure of the highly leveraged U.S. hedge fund Long-Term Capital Management soon afterward became a major financial concern, although it was not the cause of Russia’s default. The ruble eventually stabilized after a severe depreciation, while Russia’s later recovery was helped by stronger oil prices and economic adjustments.