What was the name of the 1998 collapse in Russian financial markets after Russia defaulted on domestic debt?

The 1998 collapse in Russian financial markets after Russia defaulted on domestic debt was the 1998 Russian financial crisis.

Russia faced falling oil and commodity revenues, weak tax collection, large fiscal deficits, and pressure on the ruble. On August 17, 1998, the government devalued the ruble, declared a moratorium on some foreign debt payments, and restructured domestic ruble debt. Russian shares and bonds plunged, banks came under severe pressure, and the crisis spread through international markets.

The failure of the highly leveraged U.S. hedge fund Long-Term Capital Management later that year showed how the Russian shock could affect global finance. The crisis was not the same as the Asian financial crisis of 1997, although the two were closely connected through investor risk aversion and emerging-market capital flows. Russia eventually benefited from a weaker ruble and rising oil prices, helping economic recovery in subsequent years. The term “default” is sometimes used loosely; the 1998 measures involved different forms of domestic debt restructuring and a moratorium on selected obligations.