How North Korea Banked $22 Billion From Russia's War in Ukraine

Artillery Shell Supply

By the end of 2025, North Korea was supplying up to 50% of Russia's needs for 122mm and 152mm caliber artillery ammunition . Ukraine's military intelligence (HUR) also estimated a range of 25–40% of current Russian artillery ammunition coming from North Korea, citing more than 600 artillery systems of different types delivered .

Missile Deployments

A North Korean missile unit has begun deploying to western Russia and could be equipped with short-range ballistic missiles such as the Hwasong-11A and Hwasong-11B .

Economic Windfall

Total Foreign Revenue

North Korea amassed as much as $22 billion in foreign revenue from 2022 to 2025, according to a Bloomberg Economics analysis . This is nearly four times the amount generated in the previous four-year period .

Arms Sales to Russia

Of that $22 billion, approximately $14 billion came from arms sales and military cooperation with Russia — over 90% of the total .

GDP Growth

North Korea's economy grew 3.5% in 2025, marking a third consecutive year of growth above 3% (following 3.7% in 2024) . The Bank of Korea attributed the growth to arms exports to Russia, stronger trade with China, and Kim Jong Un's drive to develop regional industries .

China Trade

Increased trade with China was a key supporting factor in the economic expansion .

Military Development and Technology Transfers

Kim Jong Un has accelerated military development programs, including new destroyer projects, supported by Russian technology transfers as part of the deepening partnership . Specific details on the destroyer program were not elaborated in available sources, but the broader trend of Russian technology sharing is confirmed.

Expert Assessments and Strategic Implications

'Winning the Lottery'

Analysts described the arms sales bonanza as akin to 'winning the lottery' for North Korea, providing a financial lifeline despite comprehensive UN sanctions .

Sanctions Adaptation

Experts assess that Pyongyang has 'proven its ability to adapt to persistent sanctions,' with the $22 billion windfall demonstrating that sanctions alone cannot cripple the regime .

Reduced Incentive to Negotiate

The financial and military partnership with Russia has left Kim Jong Un with less incentive to negotiate over his nuclear arsenal, as the war economy has generated more revenue and strategic leverage than any recent diplomatic track .

Key Caveats

The troop deployment figures (30,000–50,000) are based on Zelenskyy's warnings and Ukrainian intelligence assessments, which are not independently verifiable. The $22 billion revenue figure is a Bloomberg Economics estimate based on trade data, intelligence, and external research, not North Korean official statistics. The 3.5% GDP figure comes from South Korea's Bank of Korea, which uses indirect estimation methods for North Korea.