North Korea made $22 billion arming Russia – nearly four times its haul before the war

North Korea has pulled in as much as $22 billion in foreign earnings since Russia's full-scale invasion of Ukraine in 2022—nearly four times what it earned in the previous four years, and the most cash Kim Jong Un has commanded in his 15 years in power, Bloomberg Economics estimates.

That money is the bill for Russia's war, paid to the other side of the world. In exchange for the shells and soldiers keeping Moscow's offensive alive, Pyongyang has been handed the cash, food, and military technology to turn itself from an isolated pariah into a nuclear power that no longer needs to negotiate with anyone. The war draining Russia has quietly built a second, stronger adversary.

Half of Russia's shells, and thousands of soldiers

By the end of 2025, North Korea was covering up to half of Russia's need for 122mm and 152mm artillery ammunition, Ukrainian intelligence estimates—a share Euromaidan Press has tracked since the shipments began in 2023. Pyongyang backed the shells with men: some 16,000 soldiers, for whom Russia paid roughly $2,000 a month each, plus extra for the dead, by Bloomberg's accounting.

The turning point came in 2022. Kim had spent the previous years humiliated—a failed summit with Donald Trump, a harvest failure that triggered hunger, a self-imposed Covid border closure that severed trade with China. In a 2020 national address, he wept while apologizing for the economy. Then Putin's stockpiles ran low, and North Korea's warehouses became a resource Kim could turn into hard currency.

Cash, food, and the technology to build better weapons

The dangerous part is what came back the other way. Russia handed over advanced military technology alongside the payments, and US Forces Korea has said the transfers let Pyongyang compress its weapons-development timelines. Moscow supplied air defenses including at least one Pantsir-class system—a transfer Euromaidan Press reported last year—and a Pantsir-M worth about $20 million now sits on one of North Korea's two new 5,000-tonne destroyers, the largest warships it has ever built. The two countries have also begun jointly producing attack drones.

Kim poured the windfall into a nuclear buildup that, Bloomberg reports, puts North Korea on a path to rival France's arsenal. The country's economy grew 3.5% in 2025, its third straight year of expansion, according to the Bank of Korea.

A windfall that outlasts the war

The boom does not depend on the war continuing. Over the past decade Kim assembled the world's most prolific army of crypto thieves: hacking groups tied to Pyongyang now account for more than 70% of global cryptocurrency thefts, up from about 30% in 2017, according to blockchain intelligence firm TRM Labs. The stolen funds are laundered mostly through Chinese organized-crime networks that take a cut in exchange for clean offshore accounts. "It's absurd to think North Korea now has access to that much money," said Nick Carlsen, a senior TRM investigator.

Kim is spreading his bets diplomatically, too, hosting officials from Singapore, Indonesia, Belarus, and Vietnam over the past year to loosen his reliance on Moscow.

The Kim once written off as an erratic recluse is emerging as the durable leader of a growing nuclear power—one with little reason left to bargain. "Pyongyang has proven its ability to adapt to persistent sanctions," said Jenny Town of the Stimson Center. "And as international law and norms are eroding, it has found camaraderie in its resistance."