Monaco bombing targets Ukrainian oligarch Vadim Ermolaev, three injured
An explosion at a residential building in Monaco on June 29 severely injured Ukrainian oligarch Vadim Ermolaev, his wife, and their 13-year-old son, in what authorities call the principality's first bombing.
The explosion
On the evening of June 29, a powerful explosion shook a residential building in Monaco, between Boulevard d'Italie and Rue du Révérend Père Louis Frolla. Monaco's Minister of State Christophe Mirmand described it as a "malicious act" and told AFP it was "very likely that it was an attack."
It is very likely that it was an attack.
The device, an improvised explosive, was left in a bag at the building's entrance. Three Ukrainian nationals, a couple in their 50s and 60s and their 13-year-old son, were injured, two critically.
The victims
Among the injured is Vadim Ermolaev, 58, a Ukrainian-born oligarch who heads the Alef conglomerate. He and his wife are in critical condition, while their son's injuries are less severe. Ermolaev, often called the "king of Dnipro" for his real estate empire, has lived in Monaco for seven years and is reportedly worth between $220 million and €1 billion, according to varying estimates.
Known as a "VIP refugee" in Monaco since the start of the war in Ukraine, Ermolaev has been under Ukrainian sanctions since December 2023 for continuing alcohol trade in Russian-occupied Crimea. He renounced Ukrainian citizenship in 2019 and now holds Cypriot nationality.
Investigation and manhunt
Surveillance footage captures a man leaving a bag at the building entrance shortly before the blast. Authorities have released his photo and launched an intensive search, with police from the French Alpes-Maritimes department and gendarmerie reinforcing road checkpoints. About 50 firefighters, including ten from France, responded to the scene, while 84 public security officers secured the area.
Prosecutor General Stéphane Thibault confirmed the device was found in a bag or package left by an individual who then departed. The suspect remains at large.
Reactions
Prince Albert II of Monaco issued a statement calling the bombing "a heinous crime" and "a shock for the entire Monegasque community." He emphasized that the principality would remain "united and determined in the face of violence and crime."
A heinous crime, a shock for the entire Monegasque community.
Who is Ermolaev?
Ermolaev built his fortune after the Soviet Union's collapse through Alef, a conglomerate spanning construction, agriculture, manufacturing, and trade. In Dnipro, his projects include major residential complexes like Most-City and Cascade Plaza. His wealth has drawn scrutiny: Ukrainian security services placed him on a list of 84 wealthy individuals who left the country amid the war, dubbed the "Monaco Battalion." Additionally, his elder son Arthur was convicted in Estonia for running fraudulent call centers that defrauded European citizens of about €100 million.
Ermolaev has denied collaborating with Russia, claiming his business in Crimea was transferred to proxies. He has threatened legal action over allegations.
