What was the name of the 1998 crisis when Russia devalued its currency and defaulted on domestic debt?

The 1998 crisis in which Russia devalued its currency and defaulted on domestic debt was the Russian financial crisis.

Russia had faced falling tax revenues, weak public finances, and pressure from low commodity prices. Investors also became more cautious after the Asian financial crisis, making it harder for the Russian government to refinance short-term obligations.

On August 17, 1998, the government devalued the ruble, declared a moratorium on some foreign debt payments, and restructured domestic ruble debt. The shock damaged banks and businesses and caused the currency to lose much of its value.

The crisis also affected international markets. The collapse of the hedge fund Long-Term Capital Management became a major concern because its extensive leveraged positions threatened broader financial instability. The episode is therefore often studied as both a Russian sovereign crisis and a global contagion event.