What was the name of the 1998 Russian crisis marked by a government debt default and ruble devaluation?

The 1998 Russian crisis marked by a government debt default and ruble devaluation was the Russian financial crisis.

Russia defaulted on some domestic government debt on August 17, 1998, and widened the ruble’s trading band before allowing a sharp devaluation. The government also imposed a temporary moratorium on certain foreign debt payments by private borrowers.

Falling oil prices, weak tax collection, political uncertainty, and the financial contagion that followed the Asian crisis had left Russia vulnerable. Domestic banks faced severe stress, and confidence in Russian assets collapsed.

The turmoil also affected global markets through the highly leveraged hedge fund Long-Term Capital Management. The Federal Reserve Bank of New York helped arrange a private-sector rescue of LTCM, although the U.S. government did not directly fund it. That episode is related to, but distinct from, Russia’s sovereign and currency crisis.