This article examines the evolving partnership between Russia and North Korea and its implications for economic security on the Korean Peninsula. Against the backdrop of Russia’s geopolitical isolation following its 2022 invasion of Ukraine, Moscow has intensified engagement with Pyongyang, culminating in the 2024 Comprehensive Strategic Partnership Treaty. This partnership expands cooperation across political, military, and economic domains, undermining international sanctions and complicating regional security dynamics. This article analyzes key areas of economic cooperation, including trade, energy, labor, infrastructure, and such emerging sectors as tourism and digital technology. It argues that although Russia’s economic capacity to support North Korea remains limited compared to China’s, the political and strategic significance of this partnership is considerable. North Korea gains enhanced autonomy and leverage, while Russia positions itself as a spoiler in US-led containment efforts. Importantly, the partnership is not one-sided: North Korea has also supplied Russia with munitions and possible personnel support, underscoring its reciprocal nature. This study concludes by assessing the policy challenges facing South Korea and its allies, emphasizing the need for stronger trilateral security cooperation, expanded diplomatic outreach, and a balanced strategy that preserves future pathways for dialogue and engagement.