What was the name of the 1998 market crash triggered by Russia’s default and ruble devaluation?

The 1998 market crash triggered by Russia’s default and ruble devaluation was the Russian financial crisis.

On August 17, 1998, Russia devalued the ruble, declared a moratorium on some foreign debt payments, and restructured parts of its domestic debt. Falling commodity prices, weak tax collection, political uncertainty, and the cost of defending the ruble’s exchange-rate band had placed severe pressure on the government.

The shock damaged Russian banks and investors and contributed to a broader global flight from risk. One important international consequence was the near-collapse of Long-Term Capital Management, a highly leveraged U.S. hedge fund. The U.S. Federal Reserve helped coordinate a private-sector rescue, although it did not directly bail out the fund.

The Russian crisis is sometimes described simply as a sovereign default, but that label misses the linked currency, banking, debt, and market turmoil. Russia later benefited from higher oil prices and improved fiscal conditions.