In August 13, 1998, about a year after the Asian financial crisis, Russian markets collapsed on worries that the country would run out of money and default. Yeltsin called an emergency session of parliament shortly after, saying there would be no ruble devaluation. But then on August 17, the ruble was devalued and Russia announced a 90-day moratorium on foreign debt repayment, according to PBS. The crisis reverberated across global markets, with the Dow plunging 512 points on August 31. In the photo below, a Russian dealer winces during a morning session at the Moscow Interbank Currency Exchange (MICEX), September 1998.