Which 1998 Russian default-related crisis forced the closure of the Moscow Exchange for several days?

The 1998 Russian financial crisis forced the closure of the Moscow Exchange for several days.

Russia’s crisis reached a climax in August 1998 after falling oil prices, weak tax collection, political uncertainty, and heavy government borrowing undermined confidence. On 17 August, the government devalued the ruble, restructured domestic debt, and declared a moratorium on some private foreign debt payments.

The shock spread through Russian banks and securities markets. The Moscow Exchange closed for several days, and the ruble lost much of its value after the devaluation. The crisis also contributed to the collapse of Long-Term Capital Management, a highly leveraged US hedge fund whose positions were affected by extreme market movements.

The event is sometimes described simply as a Russian stock-market crash, but it was broader than an equity sell-off. It combined a sovereign-debt default and restructuring, currency collapse, banking distress, and falling asset prices. The crisis ended with a major political transition when Yevgeny Primakov became prime minister.