North Korea May Have Earned $14.4B from Arms, Troop Supply to Russia

North Korea may have earned up to $14.4 billion from deploying troops and exporting military equipment to Russia during the war in Ukraine, according to a report published on March 13 by the Seoul-based National Security Strategy Institute.

The analysis examined military cooperation between Pyongyang and Moscow since 2023 and assessed that payments linked to troop deployments and arms exports could increase North Korea’s foreign currency inflows, potentially weakening the economic impact of international sanctions.

According to the study, North Korea began sending military personnel to Russia in October 2024, carrying out four deployments. It estimated that more than 20,000 personnel, including combat troops and engineering units, were sent.

Satellite imagery and open-source data cited in the report indicate that North Korea supplied military equipment to Russia before and during these deployments. Shipments reportedly included artillery ammunition, multiple rocket launcher systems, self-propelled artillery systems, and ballistic missiles transported in containers.

Unconfirmed reports indicate deliveries of 8 million to 15 million artillery shells to Russia through a covert maritime network. Supplies are said to include KN-23 (Hwasong-11A) ballistic missiles, M-1989 Koksan self-propelled howitzers, and short-range missile systems.

Lim Soo-ho, a senior research fellow at the National Security Strategy Institute, presented the findings in a report titled “The Economic Impacts of North Korea’s Troop Deployment and Military Equipment Exports to Russia.”

Lim wrote: “If North Korea fully collects payments for troop deployments and arms exports, the primary economic effect of sanctions against North Korea—reducing foreign exchange inflows—will be rendered ineffective.”

The study estimated that total revenue generated between August 2023 and December 2024 ranged from $7.67 billion to $14.4 billion.

Direct revenue linked to troop deployments alone, including salaries and death benefits, was estimated at around $620 million, while the report said North Korea could generate approximately $560 million annually from such deployments under current arrangements.

The report noted that only a limited portion of the estimated revenue has been verified. According to Lim, verified payments represent between 4% and 19.6% of the total estimated value.

Lim stated: “Verified payments are limited to physical goods that can be easily observed visually or via satellite.”

He added: “It is assessed that the vast majority of payments for troop deployment and arms exports have been, or are highly likely to be, received in the form of sensitive military technologies or related high-precision components and materials that are difficult to detect by satellite.”

Satellite imagery and shipment records have shown container movements between North Korean and Russian ports, which analysts say may be linked to the transfer of artillery ammunition and other military equipment.

The U.K. Ministry of Defence and other intelligence sources estimate that over 6,000 North Korean personnel were killed or wounded as of mid-2025.

Beyond combat troops, North Korea is also reported to have deployed thousands of workers, with estimates ranging from 10,000 to 50,000, for construction, demining, and reconstruction in Russian-held territories.