What was the name of the 1998 stock-market crash centered on Russia's government default and ruble devaluation?

The 1998 stock-market crash centered on Russia’s government default and ruble devaluation was the Russian financial crisis.

Russia’s finances deteriorated as oil and commodity prices fell, tax collection remained weak, and the government relied heavily on short-term domestic debt. On August 17, 1998, Russia devalued the ruble, defaulted on some domestic debt, and declared a temporary moratorium on certain private foreign debt payments.

The shock caused the ruble to lose much of its value and contributed to a severe banking crisis. Russia’s stock market plunged, while international investors reassessed risks in emerging markets. The crisis also helped bring down Long-Term Capital Management, a highly leveraged U.S. hedge fund, after markets moved in ways that threatened its positions.

The Russian financial crisis followed the 1997 Asian financial crisis but was not simply another phase of it. Russia’s own fiscal weaknesses, commodity exposure, and short-term debt structure were central causes.