What was the name of the 1998 stock-market crisis caused partly by Russia’s debt default and the collapse of the ruble?

The 1998 stock-market crisis linked to Russia’s debt default and ruble collapse was the Russian financial crisis.

Russia faced falling tax revenues, weak commodity prices, political instability, and large government debts. On August 17, 1998, the government devalued the ruble, declared a moratorium on some foreign debt payments, and restructured domestic debt. The ruble then lost much of its value.

The crisis damaged Russian banks and spread through international financial markets. One major consequence was the failure of Long-Term Capital Management, a highly leveraged U.S. hedge fund whose positions were threatened by extreme market movements. The Federal Reserve helped arrange a private-sector rescue, although it did not directly bail out the fund.

This event is sometimes grouped with the broader emerging-market crises of the 1990s. It is distinct from the 1997 Asian financial crisis and the 1994 Mexican peso crisis, which had different immediate origins.