What was the name of the 1998 crisis after Russia defaulted and the ruble collapsed?

The crisis after Russia defaulted and the ruble collapsed was the Russian financial crisis.

Russia devalued the ruble and defaulted on some domestic debt on 17 August 1998. The government’s finances had been weakened by low commodity prices, tax problems and the cost of maintaining the ruble’s exchange-rate band. Banks and businesses faced severe stress as confidence evaporated.

The crisis had international consequences. Long-Term Capital Management, a highly leveraged U.S. hedge fund, suffered heavy losses on positions linked to Russian and other markets. The Federal Reserve Bank of New York helped coordinate a private-sector recapitalization of LTCM, although the U.S. government did not directly bail out the fund. The Russian crisis therefore belongs to a chain of emerging-market and credit-market shocks, not to the 1997 Asian crisis itself.