Russia’s own currency devaluation helped trigger the August 1998 Russian financial crisis and market crash.
On August 17, 1998, the Russian government devalued the ruble, restructured domestic debt, and declared a 90-day moratorium on payments by commercial banks to foreign creditors. The announcement followed years of fiscal pressure, low tax collection, falling commodity prices, and the aftereffects of the Asian financial crisis.
Russian financial markets reacted violently. The ruble collapsed, government debt became difficult to service, and confidence in emerging markets weakened. International investors also reassessed risks in other countries with large debts or fragile financial systems.
The question asks for the country whose currency was devalued, not the country that began the earlier Asian crisis. Thailand’s baht devaluation in July 1997 was an important earlier event, whereas the 1998 crisis centered on Russia’s ruble and sovereign debt.