North Korea nets $22 billion via Russian alliance
North Korea has secured up to $22 billion in foreign revenue between 2022 and 2025, according to an analysis by Bloomberg Economics. This windfall is nearly four times the amount earned during the previous four-year period and marks the highest level of foreign currency available to Kim Jong Un during his 15-year rule.
A significant portion of this wealth, estimated at roughly $14 billion, is attributed to North Korea's support for Russia in its war against Ukraine. This includes the export of vast quantities of munitions, such as artillery shells, and the deployment of between 16,000 and 22,000 military personnel to Russia. Reports suggest North Korea may have supplied up to 50% of Russia's requirements for 122mm and 152mm artillery shells by the end of 2025.
Beyond arms sales, Pyongyang has diversified its income through illicit activities, including cryptocurrency theft—with state-backed hackers reportedly responsible for over 70% of global thefts—and trade with China. The influx of capital is being reinvested into North Korea's military-industrial complex, accelerating its nuclear weapons program and the development of advanced naval technology, such as new 5,000-metric-ton destroyers.
Entities: Bloomberg Economics · Kim Jong Un · North Korea · Russia · Ukraine · Vladimir Putin
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] An estimated $14 billion of the revenue was generated from the war in Ukraine. (Bloomberg Economics)
- [● 4 SOURCES] The $22 billion revenue is nearly four times the amount amassed in the preceding four-year period. (Bloomberg Economics)
- [● 2 SOURCES] North Korea is in a stronger position than at any time in the last 35 years. (Andrei Lankov)
- [● 2 SOURCES] North Korea deployed between 16,000 and 22,000 military personnel to Russia. (Bloomberg Economics / CSIS)
- [○ 1 SOURCE] North Korean hacking groups are estimated to be responsible for over 70% of global cryptocurrency thefts. (Bloomberg Economics)
- [● 4 SOURCES] North Korea secured up to $22 billion in foreign revenue between 2022 and 2025. (Bloomberg Economics)
- [○ 1 SOURCE] The North Korean economy grew by 3.5% in 2025. (Bank of Korea)
- [○ 1 SOURCE] North Korea supplied up to 50% of Russia's requirements for 122mm and 152mm artillery shells by the end of 2025. (Ukrainian intelligence)