North Korea could have earned up to $14.4B from Russia's war in Ukraine

That is according to a report on the economic impact of North Korea's soldier dispatch and arms exports to Russia, published by South Korea's Institute for National Security Strategy, Ukrinform reports, citing Yonhap.

The report notes that Pyongyang is believed to have sent troops deployments four times since October 2024, involving more than 20,000 North Korean soldiers. Even before the troop deployments, North Korea was spotted shipping various arms to Russia through satellite photos.

From August 2023 to December 2025, North Korea is estimated to have earned between $7.67 billion and $14.4 billion in hard currency, according to the report.

Direct earnings from the troop deployment, including soldier wages and death compensation, are estimated at $620 million. The report projects North Korea to earn $560 million annually from troop deployment alone, if the current situation continues.

The study shows that the actual compensation Pyongyang has been confirmed to have received is estimated to be around 4 to 19.6 percent of its projected total earnings.

The authors said the confirmed compensation is limited to items detectable through open observation and satellite imagery, and that there is a high likelihood that North Korea will receive additional compensation for sensitive military technology, precision parts and materials later.

"If North Korea fully collects payment for its troop deployments and arms exports, the key economic impact of sanctions, which is the reduction of hard currency earnings, is expected to be undermined," the report said.

Last Saturday, North Korea launched about ten ballistic missiles toward the Sea of Japan while South Korea and the United States conducted key spring military exercises.

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