Which 1998 Russian event followed the government’s default on domestic debt?

The 1998 Russian event that followed the government’s default on domestic debt was the 1998 Russian financial crisis.

Russia’s crisis reached a critical point in August 1998, when the government devalued the ruble and announced a default and restructuring of domestic ruble-denominated debt. The action damaged confidence in Russian financial institutions and caused major losses for banks, investors, and households.

Russia had been weakened by low oil prices, falling tax revenues, large fiscal pressures, and the after-effects of the 1997 Asian financial crisis. The government struggled to defend the ruble’s exchange-rate band, while investors became increasingly unwilling to finance its debt. The resulting devaluation and banking collapse produced a severe domestic shock.

The crisis was not identical to the Asian crisis, although the two were connected through international investor sentiment. Russia later recovered as oil prices improved and economic conditions stabilized. This question refers to the 1998 Russian crisis specifically, not simply to the August debt default as an isolated event.