A Ukrainian-born tycoon sanctioned by Kyiv over alleged ties to Russia was critically wounded along with his wife and 13-year-old son in a bomb attack outside their luxury residential building in Monaco, according to French and Ukrainian media reports, in a rare act of violence that has shaken the wealthy principality.
The explosion occurred shortly before 9 p.m. Monday at the entrance to the building where Vadym Yermolaiev lived with his wife, Anna, and their four children. Monaco authorities said three people were seriously injured in the blast and evacuated to hospitals in France. Reports later identified the victims as Yermolaiev, his wife and their son, saying all three were in critical condition and fighting for their lives.
Ukrainian tycoon reportedly targeted in Monaco parcel bomb attack
(Video: Reuters)
Witnesses described a horrific scene. One said Anna Yermolaiev was lying in blood and that her feet had been severed. Another witness described a 13-year-old boy, believed to be the couple’s son, lying on the ground covered in blood as someone tried to help him.
Four other people were reportedly injured by shards of glass shattered by the force of the explosion.
According to Le Figaro, security cameras captured the suspect placing a bag at the entrance to the building shortly before the blast. The suspect was described as wearing a black cap and sweatshirt and white jeans. Images from the scene reportedly showed him fleeing after the explosion.
Christophe Mirmand, Monaco’s minister of state, initially said authorities were examining the possibility of a terror attack, but later described the incident as a deliberate bombing. He said the suspect had placed a bag filled with nuts and bolts, turning the device into a shrapnel bomb.
“This is the first time in history that something like this has happened in the principality,” Mirmand said.
French and Monaco authorities are searching for the suspect, who fled on foot across the border into France after the blast. France’s Interior Ministry said police were working to locate the fugitive, while French emergency services were deployed to assist at the scene.
Prince Albert II condemned the bombing as “an odious act” and said all of Monaco’s services had been mobilized to ensure public security.
Yermolaiev is a Ukrainian-born businessman from Dnipro who made his fortune in real estate after the collapse of the Soviet Union. He founded Alef Group, which was also involved in wine and liquor production in Crimea. He was among dozens of wealthy Ukrainian businessmen who left the country after Russia’s full-scale invasion began nearly three years ago.
The suspect
In recent years, Yermolaiev and his family had been living in Monte Carlo. He renounced his Ukrainian citizenship and became a citizen of Cyprus. Ukraine placed him under sanctions in December 2023, including restrictions on his assets, citing alleged ties to Russia.
Like many oligarchs who rose to wealth after the Soviet collapse, Yermolaiev has faced criminal allegations over the years, including money laundering, which he denies.
Monaco, a tax-free microstate on the French Riviera, is known as a haven for billionaires, luxury yachts and high-end real estate. It has long cultivated a reputation as one of the safest places in Europe, drawing wealthy businesspeople and celebrities from around the world.
But in recent years, the principality has also been linked to corruption scandals and allegations of money laundering by mafia-style networks, including groups with Ukrainian origins. The bombing has rattled Monaco precisely because violence of this scale is almost unheard of there.