North Korea generated $22 billion in foreign-currency revenue between 2022 and 2025, according to a Bloomberg analysis, setting a high for Kim Jong Un’s 15 years in power. The figure was described as nearly four times the level recorded in the previous four-year period, showing that the country kept building new funding channels despite long-running United Nations Security Council sanctions.
The report said the war in Ukraine became North Korea’s main economic pillar and source of foreign exchange after Russian demand for ammunition and military support increased. It also identified overseas labor deployments, dispatched IT workers and cryptocurrency-related cyberattacks as part of a broader push to diversify revenue.
Revenue tied to Russia reached $14.02 billion
Since the start of the Russia-Ukraine war in 2022, Russian demand for Soviet-standard artillery shells has risen sharply, allowing North Korea to turn large stockpiles into foreign-currency income. Data from the Center for Strategic and International Studies showed cumulative revenue from Russia at $14.02 billion.
More than 90% of that total came from arms sales, including 122 mm and 152 mm artillery shells as well as short-range ballistic missiles. The report also said North Korea deployed between 16,000 and 22,000 troops to support Russian operations, with each receiving about $2,000 per month, adding another stream of state income.
Crypto theft and illicit trade remained part of the mix
Outside weapons sales, North Korea continued to expand nontraditional revenue sources. Blockchain analytics firm TRM Labs said groups linked to North Korea now account for more than 70% of the global total for cryptocurrency theft, up from 30% in 2017.
According to the report, most of those illicit proceeds are laundered through criminal organizations in China and converted into renminbi or U.S. dollars. It also said North Korea has kept raising funds through illicit coal exports, gold sales and overseas IT worker deployments while bypassing international sanctions.
Bank of Korea estimated 3.5% growth in 2025
Foreign-currency inflows showed up in domestic economic data as well. The Bank of Korea estimated that North Korea’s economy grew 3.5% in 2025, extending expansion to a third consecutive year.
The report said infrastructure construction increased in major cities including Pyongyang, while smartphone use and digital app adoption also rose. Trade across the China-North Korea border hit a post-sanctions high in June 2025, and more vessel traffic at ports pointed to stronger logistics and trading activity than in earlier years.
Large foreign-currency inflows were directed to military programs
The report said a substantial share of the revenue has been funneled into military development. North Korea has recently displayed two 5,000-ton-class destroyers and brought in Russia’s Pantsir-M air defense system and drone technology, shortening weapons development cycles.
As economic resilience improved, the country’s need to enter nuclear disarmament talks with the U.S. or South Korea fell sharply, the report said. It added that, as geopolitical instability persists and sanctions lose force, North Korea appears to be building a self-sustaining military-economic model.