What was the name of the 1998 global market shock caused by Russia's government default and ruble devaluation?

The 1998 global market shock caused by Russia's government default and ruble devaluation was the Russian financial crisis.

In August 1998, Russia devalued the ruble, declared a moratorium on some foreign debt payments, and restructured domestic debt. Falling oil and commodity prices had weakened government revenues, while political uncertainty and high borrowing costs made the financial system increasingly fragile.

The crisis spread beyond Russia through international investors and leveraged financial institutions. Long-Term Capital Management, a major U.S. hedge fund, suffered severe losses partly because markets moved far beyond its models. The Federal Reserve helped coordinate a private-sector rescue, although the fund itself was not directly bailed out by the government.

The Russian crisis is sometimes grouped with the 1997 Asian financial crisis, but it was a separate episode with different immediate causes and a different geographic center.