What was the name of the 1998 Russian event when the government defaulted on domestic debt and devalued the ruble?

The 1998 Russian financial crisis was the event when the government defaulted on domestic debt and devalued the ruble.

On August 17, 1998, Russia announced a restructuring of ruble-denominated domestic debt, a temporary moratorium on some foreign debt payments by private borrowers, and a widening of the ruble’s exchange-rate band. The ruble subsequently lost much of its value.

Russia’s problems included weak tax collection, falling commodity prices, large fiscal deficits, and the aftereffects of the Asian financial crisis. Political uncertainty and dependence on short-term government debt made the financial system especially vulnerable.

The crisis reverberated internationally. Losses on Russian securities contributed to the near-collapse of Long-Term Capital Management, a highly leveraged U.S. hedge fund, which was later supported through a private-sector-organized rescue. The Russian economy eventually recovered as oil prices and industrial activity improved.