North Korea Earned Up To $14 Billion By Sending Troops And Arms To Russia: Report

Last Updated:March 18, 2026, 17:35 IST

Between August 2023 and December 2025, Pyongyang generated between $7.67 billion and $14.4 billion through troop deployments and arms exports.

North Korea may have profited as much as $14 billion by sending troops and military equipment to support Russia’s war in Ukraine, according to a recent report by the Seoul-based Institute for National Security Strategy (INSS).

The report, titled “The Economic Impact of North Korea’s Deployments to Russia and Military Exports", estimates that between August 2023 and December 2025, Pyongyang generated between $7.67 billion and $14.4 billion through troop deployments and arms exports.

Confirmed deliveries of fuel, weapons and food during this period, however, are valued much lower, at $580 million to $1.5 billion.

According to Seoul’s intelligence authorities, North Korea began deploying troops to Russia in October 2024, with large-scale deployments occurring in four phases — January, August, and from September to December 2025.

Arms exports have also increased steadily since July 2023, covering artillery, shells, and guided or ballistic missiles.

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The INSS report notes that only a small portion of the estimated earnings has been received in cash or goods. The remaining 80–96 percent may have been, or is expected to be, delivered in less visible forms such as sensitive military technology, precision components, or specialised materials.

Experts cited in the report warn that if North Korea eventually collects full payment for its military support, the economic impact of sanctions — primarily aimed at reducing the regime’s foreign currency income — could be effectively nullified.

The study further estimates that, excluding these earnings, North Korea’s foreign currency reserves at the end of 2025 would drop to $7.25 billion, a decline of about $3.35 billion compared to the end of 2016. Including revenues from troop deployments and arms exports, reserves could instead rise by $5.2 billion–$12.56 billion, reaching $15.8–23.16 billion, with an average estimate of $19.8 billion.

News world North Korea Earned Up To $14 Billion By Sending Troops And Arms To Russia: Report

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