What was the name of the 1998 crisis caused by Russia's debt default and ruble devaluation?

Russia's 1998 debt default and ruble devaluation caused the Russian financial crisis.

On August 17, 1998, the Russian government devalued the ruble, suspended payments on domestic debt, and declared a moratorium on some foreign debt payments. The announcement followed years of fiscal stress, falling tax revenues, weak institutions, and pressure from lower commodity prices.

The crisis damaged Russian banks and businesses and caused the ruble to lose much of its value. It also contributed to the collapse of Long-Term Capital Management, a highly leveraged US hedge fund whose positions were exposed to market volatility. The Federal Reserve helped coordinate a private-sector rescue rather than providing a direct government bailout.

Russia later benefited from higher oil prices and improved fiscal conditions. The episode nevertheless demonstrated how a sovereign debt crisis in an emerging market could transmit losses through global financial institutions.