Which index fell nearly 90% during Russia’s 1998 financial crisis?

The RTS Index fell nearly 90% during Russia’s 1998 financial crisis.

The Russian Trading System Index, commonly called the RTS Index, tracked major Russian shares and was denominated in U.S. dollars. During the crisis, it suffered an exceptionally severe decline as investors reacted to falling commodity revenues, weak government finances, political uncertainty, and the devaluation of the ruble.

Russia defaulted on parts of its domestic debt and widened the ruble’s trading band before allowing a sharp devaluation in August 1998. The banking system was badly damaged, and many banks could not meet obligations. The stock-market collapse reflected both domestic financial stress and the withdrawal of international capital.

The RTS Index should not be confused with the later Moscow Exchange Russia Index, or MOEX Russia Index. The RTS used dollar terms, so exchange-rate movements affected its measured performance as well as the underlying share prices.