What was the name of the 1998 Russian financial crisis that caused a sharp collapse in Russian stocks and the ruble?

The 1998 Russian financial crisis caused a sharp collapse in Russian stocks, a ruble devaluation, and a domestic debt default.

Russia announced a devaluation of the ruble and a restructuring of domestic ruble-denominated debt on 17 August 1998. The crisis followed weak tax collection, falling commodity prices, political uncertainty, and heavy reliance on short-term government debt. Investors had become increasingly unwilling to roll over that debt.

The shock spread beyond Russia. The collapse of the highly leveraged U.S. hedge fund Long-Term Capital Management created concern that forced asset sales could destabilize global markets. The Federal Reserve Bank of New York helped coordinate a private-sector rescue, though it did not use public money for the bailout. The Russian episode was separate from the Asian financial crisis, but it occurred during the same era of international capital-market stress.