North Korea may have earned up to $5.5 billion supplying arms to Russia
North Korea may have earned up to $5.5 billion from supplying arms to Russia, according to a conclusion by Olena Huseinova, a researcher at the Friedrich Naumann Foundation.
Huseinova analyzed four intelligence reports from South Korea that outlined ammunition prices from previous arms deals with North Korea. Based on her calculations, the value of these arms supplies ranges between $1.7 billion and $5.5 billion. Overall, North Korea's economic output is estimated at around $23.7 billion in Seoul.
Additionally, Pyongyang may receive financial compensation for sending soldiers to Russia. According to the foundation, North Korea's income could increase by "hundreds of millions of dollars amid this cooperation." However, Huseinova notes that North Korea is unlikely to send more than 20,000 soldiers to Russia to avoid risking the stability of its regime.
The researcher also pointed out that official trade between North Korea and Russia has grown. In the first half of 2024, trade volume rose to $52.9 million, compared to just $34.4 million in 2023. She does not rule out the possibility that annual trade volumes between the two countries could reach levels last seen in 2017, before the imposition of strict sanctions.
According to Huseinova, Russia is turning to North Korea primarily due to its "huge need" for ammunition. Another reason is Russia's desire to weaken the unity of Western alliances.
