An explosion at the entrance of an apartment building in Monaco resulted in injuries to a Ukrainian tycoon with ties to Russia and two other people, according to the chief prosecutor of the Mediterranean principality on Tuesday. Prosecutor Stéphane Thibault confirmed that a search is currently underway for a suspect who was seen on surveillance footage fleeing the scene on foot after the blast occurred late Monday.
Reports identified the injured businessman as Vadym Yermolaiev, a Ukrainian construction tycoon. Yermolaiev, who has stated he renounced his Ukrainian citizenship nearly a decade ago, was targeted by Ukrainian sanctions in 2023 due to his connections to Russia. Alongside him, a woman and a 13-year-old child were also hurt in the incident. Christophe Mirmand, the minister of state for Monaco, stated that surveillance footage suggests the suspect had been walking around the vicinity, waiting for the victims. He noted that the family appeared to be specifically targeted, as they were hit by the explosion while crossing the threshold of their residence at approximately 9 p.m. Monday.
The woman remains in life-threatening condition and is receiving treatment at a hospital in Nice, while her partner and the 13-year-old child suffered less severe injuries but remained hospitalized as of Tuesday. Police have opened an attempted murder investigation, though they have not characterized the incident as an act of terrorism. Prince Albert II of Monaco condemned the event as an “odious act” and mobilized public services to ensure security. The Ukrainian Foreign Ministry indicated that its embassy in France is in contact with local authorities and is providing assistance.
Surveillance footage captured the suspect wearing a black jacket, light-colored pants, white shoes, and a black bucket hat that obscured part of his face. The individual escaped by using steps that lead to the neighboring French town of Beausoleil. Authorities confirmed that the victims were regular residents of Monaco but have not yet determined if they had faced previous threats.
Yermolaiev, originally from the city of Dnipro, built his wealth through the Alef Group, a company involved in commercial real estate, manufacturing, and agriculture. He has been a regular figure on rankings of Ukraine’s wealthiest entrepreneurs. In an interview with Forbes Ukraine, he stated he became a Cypriot citizen in 2017. Additionally, the Cyprus Registrar of Companies lists a Vadym Iermolaiev as the director of Vespano Ltd., a company in Limassol registered in January 2019.
Monaco, known as a secure destination for the wealthy, has a population of 38,000, with only one-fifth of residents holding citizenship. The principality is heavily monitored by an extensive network of surveillance cameras. While Russia has a history of targeting its enemies abroad, and Western officials report that targeted killings have increased since President Vladimir Putin’s 2022 invasion of Ukraine, the motive behind this specific attack remains unclear.
