Russian financial crisis of 1998

E6408

economic crisis financial crisis sovereign default event

The Russian financial crisis of 1998 was a severe economic collapse marked by a sharp devaluation of the ruble, default on domestic debt, and banking sector turmoil that undermined confidence in Russia’s post-Soviet market reforms.

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All labels observed (4)

Label	Occurrences
Russian financial crisis of 1998 canonical	2
1998 Russian financial crisis	1
Ruble crisis of 1998	1
Russian default of 1998	1

Statements (50)

Predicate	Object
instanceOf	economic crisis ⓘ financial crisis ⓘ sovereign default event ⓘ
affectedSector	Russian financial markets ⓘ banking sector in Russia ⓘ real economy in Russia ⓘ
alsoKnownAs	Russian financial crisis of 1998 ⓘ surface form: 1998 Russian financial crisis Russian financial crisis of 1998 ⓘ surface form: Ruble crisis of 1998 Russian financial crisis of 1998 ⓘ surface form: Russian default of 1998
country	Russia ⓘ
endDate	1999 ⓘ
followedBy	Russian economic recovery in the early 2000s ⓘ
governmentAction	announcement of ruble devaluation on 17 August 1998 ⓘ default on short-term ruble-denominated government securities (GKOs and OFZs) ⓘ imposition of a 90-day moratorium on some foreign debt payments ⓘ temporary capital controls and restrictions on foreign exchange operations ⓘ
historicalContext	post-Soviet economic transition in Russia ⓘ
impact	collapse of investor confidence in Russia ⓘ increase in non-performing loans in Russian banks ⓘ pressure on emerging markets globally ⓘ sharp fall in Russian stock market ⓘ
involvedCurrency	Russian ruble (Empire) ⓘ surface form: Russian ruble
keyEvent	banking sector crisis in Russia ⓘ collapse of the Russian Treasury bill (GKO) market ⓘ default on domestic government debt ⓘ devaluation of the Russian ruble in August 1998 ⓘ moratorium on some foreign debt payments ⓘ
location	Russia ⓘ surface form: Russian Federation
mainCause	Asian financial crisis of 1997 contagion ⓘ chronic fiscal deficits ⓘ declining commodity prices ⓘ political instability in Russia in the 1990s ⓘ unsustainable government debt ⓘ weak tax collection ⓘ
notableConsequence	near-collapse of the hedge fund Long-Term Capital Management ⓘ
precededBy	Asian financial crisis of 1997–1998 ⓘ surface form: Asian financial crisis of 1997
relatedTo	Russian government debt restructuring of 1999 ⓘ
result	collapse of many Russian banks ⓘ contraction of Russian GDP ⓘ erosion of confidence in post-Soviet market reforms ⓘ loss of savings for Russian households ⓘ political fallout for the Russian government ⓘ rise in poverty in Russia ⓘ sharp devaluation of the Russian ruble ⓘ spike in inflation in Russia ⓘ strengthening of state role in the Russian economy ⓘ
startDate	1998-08-17 ⓘ
timePeriod	late 1990s ⓘ
triggeredBy	fall in world oil prices in the late 1990s ⓘ loss of investor confidence in Russian government debt ⓘ

Referenced by (5)

Full triples — surface form annotated when it differs from this entity's canonical label.

Asian financial crisis of 1997–1998 → followedBy → Russian financial crisis of 1998 ⓘ

Russian financial crisis of 1998 → alsoKnownAs → Russian financial crisis of 1998 ⓘ

this entity surface form: 1998 Russian financial crisis

Russian financial crisis of 1998 → alsoKnownAs → Russian financial crisis of 1998 ⓘ

this entity surface form: Russian default of 1998

Russian financial crisis of 1998 → alsoKnownAs → Russian financial crisis of 1998 ⓘ

this entity surface form: Ruble crisis of 1998

The Crisis of Global Capitalism → influencedBy → Russian financial crisis of 1998 ⓘ