The war in Ukraine has brought Kim Jong-un record profits — Bloomberg
North Korean leader Kim Jong-un’s income has risen significantly since Russia launched its full-scale war against Ukraine in 2022. According to Bloomberg estimates, he may have received approximately $22 billion in additional revenue, marking the highest financial figure during his entire 15-year reign.
Between 2022 and 2025, Kim received $22 billion in foreign currency, nearly four times the amount he received in the previous four years following the imposition of U.S. sanctions.
“North Korea is in a stronger position than at any time in the past 35 years,” said 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.”
As Bloomberg notes, a significant portion of the revenue remains outside North Korea, since Kim Jong Un is blocked from the international banking system, and some payments are made in the form of transfers of goods and technology.
A Turning Point
In 2022, Russian President Vladimir Putin launched an invasion of Ukraine, presenting Kim with an unexpected opportunity. Moscow approached Pyongyang with a request for 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 Ukrainian intelligence estimates, 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 supplied Russia with personnel, sending between 16,000 and 22,000 military personnel in exchange for approximately $2,000 per month per person.
“Military cooperation between North Korea and Russia has become a key source of revenue supporting the North Korean economy,” notes South Korean opposition lawmaker Kang Dae-sik.
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.
Kim Is Expanding Nuclear Capabilities
Kim has channeled capital inflows into a rapid expansion of his 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 refined the design of its ballistic missiles and developed its own variants. This opens up another source of revenue for Kim Jong Un: arms buyers outside of Moscow.
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
This is reported by Bloomberg Economics.
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