North Korea could earn up to $22 billion by circumventing sanctions — Bloomberg

EconomicsBy: Редакція ФінансистAugust 09, 20262 min read
North Korea could earn up to $22 billion by circumventing sanctions — Bloomberg

Russia became the main source of income

After the start of a full-scale war against Ukraine in 2022, Russia needed large quantities of artillery ammunition, giving North Korea the opportunity to make money by supplying its own stockpiles.

According to Ukrainian intelligence, by the end of 2025, the DPRK could provide up to half of Russia's needs for 122-mm and 152-mm ammunition.

In addition, Pyongyang sent to Russia 16–22 thousand military personnel. According to estimates by South Korea and the Center for Strategic and International Studies, for each soldier, North Korea could receive about $2 thousand per month.

At the same time, cooperation with Moscow brings North Korea more than just money. The country gets food and access to modern military technology.

North Korea makes money from crypto theft

Cyberattacks on cryptocurrency platforms have become another significant source of income.

According to TRM Labs, North Korean-linked hacking groups may now be involved in more than 70% of global cryptocurrency theft. For comparison, in 2017 their share was estimated at approximately 30%.

The stolen assets, according to Bloomberg, are laundered through Chinese criminal groups that help move funds to offshore accounts.

Money is directed to military technologies

Pyongyang uses the obtained resources to develop nuclear and conventional weapons.

Over the past two years, the DPRK presented two destroyers with a displacement of about 5000 tons — the largest warships in the country's history. At least one of them is believed to have received the Russian Pantsir-M air defense system.

Russian technology also helps North Korea create new types of weapons faster. The country is already producing attack drones and improving ballistic missiles that Russia is using in its war against Ukraine.

The economy of the DPRK continues to grow

According to the estimate of the Bank of Korea, the economy of North Korea in 2025 grew by 3.5%. This is the third year in a row that the country's economy has shown growth.

Despite this, the DPRK remains one of the poorest countries in the world. However, the increase in foreign revenues allows the Kim Jong-un regime to reduce its dependence on international aid, develop the military industry and deepen cooperation with Russia and other countries.

According to experts, Pyongyang has demonstrated the ability to adapt to international sanctions. At the same time, strengthening its economic capabilities creates additional risks in the military sphere.

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