Video encyclopedia

17/08/1998 Russia devalues the ruble and defaulted on its debt


1998 and 2014 ‘Russian CRISIS in PERPECTIVE’


Lessons of 1998 remain with the Russian economy RT 081409

The Russian financial crisis hit Russia in 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries.
    • Essentials 

    • Background and course of events 

    • Crisis and effects 

    • Recovery 

    • Positive effect