Russia and Thailand: The 2023/24 Trade and Investment Dynamics

Bilateral trade has been erratic but is likely to increase in coming years.

By Emil Avdaliani

Thailand holds a strategic position in Southeast Asia for Russia, acting as a gateway to the broader ASEAN region. It’s notable for being second in the region in economic strength. Recognizing this, Russia inaugurated a consulate in Phuket in July 2023, underscoring its keen interest in bolstering trade relations with the country, which is also popular with Russian tourists, some of whom establish small businesses.

Thailand, along with other Southeast Asian nations, has refrained from imposing sanctions on Russia, acknowledging its role as a crucial trade partner. Furthermore, Russia plays a central role in Thailand’s foreign policy, which is increasingly focused on diversifying its international relationships.

However, despite these dynamics, the bilateral trade between Russia and…