The women told police they were abducted, robbed and raped by three Thai men armed with knives and pistols while returning to their hotel from a Christmas night out in Pattaya, 100 kilometres south-east of Bangkok.
"We have made sketches of the suspects based on the women'stestimony and have sent them to our officers," Pattaya police lieutenant colonel Paksa Daetpakul said.
The attackers threw them into a pickup truck and drove out of the city, where they raped them, stole their phones and about 120 dollars in cash, Paksa said.
Pattaya, famed for its wild nightlife, is Thailand's most popular beach destination, attracting millions of foreign tourists each year.
Over the past decade, Russian tourists have topped the resort's arrivals.