Bangkok - The state-run Export-Import Bank of Thailand on Tuesday opened a branch in Moscow to facilitate Thai-Russian trade.

The Moscow branch, the Thai EXIM International Co, is to provide Thai exporters with advance payment bonds, trade facilitation, business-matching services and act as a middleman in "arranging proper protection for undeliverable Thai export goods left unattended at a Russian port," Thai Deputy Finance Minister Pruektichai Damrongrut said in a statement.

The state-owned Export-Import Bank was set up to promote Thai trade abroad, especially in new markets.

Narongchai Akrasanee, the bank's chairman, said the Moscow branch was the institution's first step into new markets. He said the next destinations would be Vietnam, Indonesia, India, Laos and Cambodia.

Thailand's main imports from Russia include iron, steel, crude oil, chemical fertilizer, herbicides, insecticides and minerals while major Thai exports to Russia are motor vehicles and parts, electrical appliances, agricultural and agro-industrial products, such as rice, processed and canned fruits, sugar, processed and canned seafood, frozen shrimp, rubber and rubber products. (dpa)