After reading about this, here is what I found.  Your thoughts?
The federal law says that AP ammo is a projectile which may be used in a handgun "which is
constructed entirely (excluding the presence of traces of other substances) from one or a
combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper, or depleted uranium"
18 USC 921(a)(17)

So an ALL steel 5.45x39 (AK-74) ammo would be banned if a Krink pistol were made, BUT there
are currently two major sources of such ammunition --Barnaul and Wolf.  Background on the
standard issue '5N7' 5.45x39mm round says that its bullet is constructed with a "combined steel
and lead core"
http://world.guns.ru/assault/as02-e.htm

Barnaul's site says that its 5.45x39 cartridge has a lead core.
http://www.barnaulammunition.com/ 545x39.htm

Wolf ammo ballistics state:
The standard AK-47 or AKM fires a 7.62x39mm round with a muzzle velocity of 710 m/s.
Muzzle energy is 2,970 joules. Cartridge length is 38.6mm, weight is 18.21g. Projectile weight is
7.91g.

The new model AK-74 fires a 5.45x39mm round with a muzzle velocity of 900 m/s. Muzzle
energy is 1,385 joules. The cartridge weight is 10.75g. Projectile weight is 3.42g.

Both bullets are full metal jacket designs. The outer plating is copper and zinc. The shell is steel.
There's an inner layer of soft lead, with a core that's a steel penetrator. There is a bubble in the
nose.
http://www.ak-47.us/Ammo.htm

A combined lead and steel core bullet is not an AP bullet since the bullet is not "constructed
entirely (excluding the presence of traces of other substances) from one or a combination of
tungsten alloys, steel, iron, brass, bronze, beryllium copper, or depleted uranium"

Thus, I do not see how the current ammo for the AK-74 can be classified as AP and thus banned if
a Krink handgun is made.

I know that with 7.62x39 ammo the ATF said it was AP since it had a steel core, but that is not what the law says.  It may come down to a legal fight either way, but the law is clear.
http://www.thegunzone.com/762x39.html

I was just considering buying a VEPR in 5.45x39.  Do you think I should reconsider?  I don't mind the cost of the ammo now but I don't want it to be cost-prohibitive in the future ot shoot the thing

Thank you.  I would hate to tell a fellow forumite that I am having second thoughts about buying his rifle now.