Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy



Analysis Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy Subsidized trade and depressed demand likely insulate the DPRK economy from food and oil price shocks — but not forever Peter Ward March 29, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON Farmers dry corn in North Korea's Kangwon province on Oct. 4, 2016 \| Image: NK Pro The rise in food and oil prices resulting from Russia’s invasion of Ukraine is and will be felt most acutely in food insecure and heavily reliant countries. But North Korea, despite fitting this profile, may be the exception to this global volatility. As the COVID-19 pandemic has demonstrated, crises abroad may not have the dramatic, visible impacts in the DPRK that some may assume. The disruption to grain, crude oil and other economic inputs resulting from Russia’s invasion of Ukraine means the following for North Korea: The country has largely been deprived Read More © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Suspected North Korean drone base and factory face construction slowdown 02Lessons from chaos: What Kim Jong Un sees in an era of global turmoil 03In 2024, Kim Jong Un swaggered on the global stage like never before 04Military dominates Kim Jong Un’s attention in his busiest year in nearly decade 05How Trump’s return could transform North Korea’s quiet ties with Thailand 06How Assad’s downfall could expose secrets of North Korea-Syria military ties 07All the companies that participated in the Pyongyang Autumn Trade Fair 2024 08No Chinese firms joined North Korea’s latest trade fair dominated by Russia

Analysis

Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy

Subsidized trade and depressed demand likely insulate the DPRK economy from food and oil price shocks — but not forever

Peter Ward March 29, 2022

Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy

Farmers dry corn in North Korea's Kangwon province on Oct. 4, 2016 | Image: NK Pro

The rise in food and oil prices resulting from Russia’s invasion of Ukraine is and will be felt most acutely in food insecure and heavily reliant countries.

But North Korea, despite fitting this profile, may be the exception to this global volatility. As the COVID-19 pandemic has demonstrated, crises abroad may not have the dramatic, visible impacts in the DPRK that some may assume.

The disruption to grain, crude oil and other economic inputs resulting from Russia’s invasion of Ukraine means the following for North Korea:

The country has largely been deprived

01Suspected North Korean drone base and factory face construction slowdown
02Lessons from chaos: What Kim Jong Un sees in an era of global turmoil
03In 2024, Kim Jong Un swaggered on the global stage like never before
04Military dominates Kim Jong Un’s attention in his busiest year in nearly decade
05How Trump’s return could transform North Korea’s quiet ties with Thailand
06How Assad’s downfall could expose secrets of North Korea-Syria military ties
07All the companies that participated in the Pyongyang Autumn Trade Fair 2024
08No Chinese firms joined North Korea’s latest trade fair dominated by Russia

Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy

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Peter Ward