What was the name of the 1998 global market crisis triggered when Russia defaulted and devalued the ruble?

The 1998 global market crisis triggered when Russia defaulted and devalued the ruble was the Russian financial crisis.

Russia announced a devaluation of the ruble and a restructuring of domestic debt on August 17, 1998. The government also declared a temporary moratorium on some foreign debt payments. Falling oil prices had weakened government revenue, while short-term borrowing left public finances vulnerable.

The shock spread through international markets. Investors reassessed risk in emerging economies, and Russian assets lost value. The crisis also damaged the highly leveraged U.S. hedge fund Long-Term Capital Management, whose rescue was arranged by major financial institutions with guidance from the Federal Reserve Bank of New York.

The Russian crisis followed the 1997 Asian financial crisis but was not the same event. Its effects demonstrated how quickly losses could travel through global portfolios, derivatives, and lending relationships.