North Korea Earns Up to $14.4 Billion From Russia

The Government of North Korea earned between $7.67 billion and $14.4 billion in hard currency and assets from August 2023 to December 2025 by supporting Russia's war in Ukraine. A report from the Institute for National Security Strategy reveals that Pyongyang exported military equipment, including roughly 350,000 artillery shells per month, and deployed over 20,000 soldiers in four waves starting in October 2024.

Direct earnings from troop deployments, covering wages and death compensation, are estimated at $620 million. However, the report notes that only 4% to 19.6% of total payments were received in cash. The remaining 80% to 96% of compensation likely consists of sensitive military technology, precision parts, energy supplies, and materials, much of which is difficult to observe via satellite.

Logistical support for these transfers involved moving approximately 20,000 containers, primarily through the port of Najin. South Korean analysts warn that this partnership allows North Korea to absorb battlefield lessons to improve its drone, missile, and electronic warfare capabilities. These financial and technical gains could increase North Korea's foreign reserves to an average of $19.8 billion, effectively undermining the economic pressure exerted by international sanctions.