Kim Jong Un makes $22 billion from Russia's war against Ukraine — Bloomberg
Photo: North Korean leader Kim Jong Un (Getty Images)
North Korean leader Kim Jong Un's income rose sharply after Russia’s war against Ukraine began. Between 2022 and 2025, he received $22 billion in foreign currency, according to Bloomberg Economics.
"North Korea is in a stronger position than at any point in the last 35 years," says Andrei Lankov, director of the consulting firm Korea Risk Group.
According to him, revenue from arms sales to Russia is like "winning the lottery," while the renewed support from Chinese President Xi Jinping is equivalent to a reliable "pension."
According to Bloomberg, a significant portion of the revenue remains outside North Korea, as Kim Jong Un is blocked from the international banking system, and some payments are made in the form of transfers of goods and technology.
North Korea-Russia cooperation
When Vladimir Putin launched his invasion of Ukraine in 2022, he presented Kim Jong-un with an unexpected opportunity. Moscow approached Pyongyang with a request for supplies of Soviet-era artillery.
North Korea's domestic stockpiles became a valuable resource that Kim was able to convert into cash, food aid, and advanced military technology.
According to estimates by Ukrainian intelligence, by the end of 2025, North Korea was supplying up to 50% of Russia’s needs for 122-mm and 152-mm ammunition.
Kim Jong Un also sent 16,000 to 22,000 military personnel to Russia in exchange for approximately $2,000 per month per person.
"North Korea-Russia military cooperation is no longer merely a diplomatic or security issue," noted South Korean opposition lawmaker Kang Daesik.
The Bank of Korea forecasts that the neighboring country's economy will grow by 3.5% in 2025. This marks the country's third consecutive year of economic growth, although the growth rate was slightly lower than in 2024, when North Korea posted its best results since sanctions were tightened.
In addition, China has also softened its stance toward North Korea due to its deepening ties with Moscow. At a military parade in Beijing last September, Kim Jong Un stood alongside Xi Jinping and Putin, demonstrating the friendship between the nuclear powers.
North Korea's nuclear capabilities
The agency notes that Kim Jong Un has channeled capital inflows toward a rapid expansion of the country's nuclear capabilities. Over the past two years, the country has unveiled two 5,000-metric-ton destroyers—the largest warships in its history.
At least one of these ships is armed with the Russian Pantsir-M air defense system, which costs about $20 million.
North Korea has also improved the design of its ballistic missiles and developed its own variants. This opens up the possibility for Kim Jong Un to find another source of revenue—weapons buyers outside of Russia.
At the same time, Kim Jong Un is also forging closer ties to reduce his diplomatic dependence on Russia. Over the past year, high-ranking officials from Singapore, Indonesia, Belarus, and Vietnam have visited Pyongyang.
North Korea deploys missile unit in Russia
The deployment of a North Korean missile unit has begun in western Russia.
According to the Defense Intelligence of Ukraine, a unit is being formed in the Voronezh region that may include about 90 North Korean military personnel and six launchers equipped with 120 ballistic missiles.
At the same time, Russia has likely received a new shipment of ballistic missiles from North Korea and has begun using them more actively after a hiatus of nearly a year.
