Which 1998 Russian market crash followed Russia’s August default and ruble devaluation?

The 1998 Russian market crash followed the Russian financial crisis, including the country's August default and ruble devaluation.

On August 17, 1998, Russia devalued the ruble, defaulted on some domestic debt, and declared a moratorium on certain foreign debt payments. The announcement shocked investors and caused Russian stocks and bonds to plunge. Falling oil and commodity prices had already weakened government finances.

The crisis also affected international markets through leveraged positions held by investors and hedge funds. Long-Term Capital Management, a major U.S. hedge fund, suffered enormous losses and was stabilized through a private-sector arrangement organized by the Federal Reserve Bank of New York. The Russian episode was distinct from, but closely connected to, the wider emerging-market turmoil of the late 1990s.