# Financial crisis (1998)

URL: https://history-russia.com/timeline/1998-financial-crisis
Categories: main-event

Russia defaulted on domestic debt and devalued the ruble on 17 August 1998, triggering a banking crisis. The ruble lost about two-thirds of its value. Yevgeny Primakov became prime minister. In July the Romanov remains were buried in Saint Petersburg. The devaluation later helped domestic production recover. The crisis discredited the liberal reformers of the 1990s.

## Why it matters
The crisis discredited the liberal reformers of the 1990s.

Ruler at the time: [Boris Yeltsin](https://history-russia.com/rulers/boris-yeltsin)

## Sources
- [Wikipedia — 1998 Russian financial crisis](https://en.wikipedia.org/wiki/1998_Russian_financial_crisis)
- [Wikipedia — History of the Russian Federation](https://en.wikipedia.org/wiki/History_of_the_Russian_Federation)
- [Encyclopaedia Britannica topic lookup — Financial crisis](https://www.britannica.com/search?query=Financial+crisis)
- [Wikipedia — Timeline of Russian history](https://en.wikipedia.org/wiki/Timeline_of_Russian_history)