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

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

On August 17, 1998, Russia devalued the ruble, defaulted on some domestic debt, and declared a moratorium on certain foreign payments. The government was under pressure from falling oil prices, weak tax collection, large fiscal deficits, and the continuing effects of the Asian financial crisis.

The turmoil damaged Russian banks and pushed investors toward safer assets. It also helped expose the risks carried by Long-Term Capital Management, a highly leveraged U.S. hedge fund. The Federal Reserve Bank of New York helped arrange a private-sector recapitalization of the fund in September 1998.

The Russian crisis is distinct from the 1997 Asian financial crisis, although the two were connected through investor confidence and international capital flows.