What was the name of the 1998 Russian financial crisis that triggered a worldwide market sell-off?

The 1998 Russian financial crisis was the crisis that triggered a worldwide market sell-off after Russia defaulted on domestic debt and devalued the ruble.

On 17 August 1998, Russia widened the ruble's trading band, devalued the currency, and announced a moratorium on some foreign debt payments. The government was under pressure from falling commodity prices, weak tax collection, and the financial damage left by the Asian crisis. Russian banks and businesses were heavily exposed to the resulting instability.

The shock spread through international finance. Investors withdrew from emerging markets, and the highly leveraged hedge fund Long-Term Capital Management suffered enormous losses. The U.S. Federal Reserve helped coordinate a private-sector rescue of LTCM to limit the danger of forced asset sales.

The Russian crisis is distinct from the Asian financial crisis that began in 1997. It also should not be confused with Russia's 1992 transition crisis or the later 2014 ruble collapse.