What was the name of the 1998 Russian financial crisis that followed Russia's debt default and ruble devaluation?

The crisis that followed Russia's 1998 debt default and ruble devaluation was the 1998 Russian financial crisis.

On August 17, 1998, Russia devalued the ruble, declared a moratorium on some foreign debt payments, and restructured domestic government debt. The measures came after weak tax collection, falling commodity prices, political instability, and pressure on the country's finances.

The crisis damaged Russian banks and businesses and caused the ruble to lose much of its value. International investors were also affected, especially through the collapse of Long-Term Capital Management, a highly leveraged U.S. hedge fund whose positions were exposed to global market turmoil.

The event is sometimes confused with the 1997 Asian financial crisis because it followed that crisis and shared elements of currency and debt stress. Russia's economy later recovered, helped partly by a weaker ruble and rising oil prices, but the 1998 episode remains a major example of sovereign default contagion.