Adam Farrar

Senior geoeconomics analyst for Asia-Pacific at Bloomberg Economics, covering geopolitical risk, trade, and economic-security issues across the region; he is also a non-resident senior associate with CSIS’s Korea Chair and previously held senior U.S. government roles focused on the Indo-Pacific and Korea.

Russian Arms Demand Drove North Korea’s $22 Billion Windfall

Bloomberg Economics estimates that North Korea earned as much as $22 billion abroad from 2022 to 2025, nearly four times its revenue in the previous four years, despite sweeping sanctions. The source argues that Russia’s demand for weapons has supplied the largest windfall, while cryptocurrency theft and trade with China provide convertible currency and essential imports. Adam Farrar says the result is not broad prosperity but greater capacity for Kim Jong Un’s regime to fund military modernization and preserve its rule.

Bloomberg OriginalsAug 7, 20265 min read