Sanctioned Ukrainian businessman critically injured in Monaco explosion

The incident left three people wounded — a man, a woman in her 50s or 60s, and a 13-year-old teenager. According to local media, they are all members of the same family of Ukrainian descent. The man is believed to be the sanctioned Ukrainian businessman Vadym Yermolaiev. According to preliminary data, two of the victims are in critical condition.

The explosion occurred at a residential building in Monaco, situated between Boulevard d'Italie and Rue du Révérend Père Louis Frolla, on the border with France.

According to Monaco's public security service, CCTV footage showed an unidentified man placing a backpack — likely containing an explosive device — near the building before fleeing the scene on foot. He was wearing beige trousers, a black jacket, and a black hat that partially concealed his face.

Footage from the scene showed that the blast occurred near the entrance to the building.

NV is monitoring the situation and the details of the incident.

7:34 a.m. According to the French newspaper Le Figaro, the injured 13-year-old is in stable condition. Meanwhile, the two adults — whom the publication identified as his parents, including Vadym Yermolaiev — are in critical condition with "life-threatening injuries." All three were transported to two hospitals in Nice.

The newspaper also described the residential building where the explosion occurred as Yermolaiev's home.

7:07 a.m. The prosecutor's office announced a "probable terrorist attack," but Monaco's Minister of State Christophe Miremand called for caution regarding the legal classification of the events, the French broadcaster BFMTV reported.

Media outlets noted the attack was likely an assassination attempt on Yermolaiev.

Four other people were taken to the hospital in a state of shock, though they suffered no physical injuries. According to Miremand, the explosive device was likely packed with bolts and metal shrapnel. Bomb disposal experts and investigators are working at the scene.

According to Le Figaro, CCTV cameras recorded a man leaving a backpack near the main entrance to the building on Rue du Révérend Père Louis Frolla. The explosion occurred several minutes later. The suspect fled on foot toward the French town of Beausoleil.

Monaco's Prosecutor Thibault Stefan stated that this is the first such case in the principality's history. He stressed, however, that the investigation has not yet determined whether the victims were the attacker's intended targets. According to his information, two people remain in critical condition.

Bomb squads, judicial police officers, and emergency services promptly arrived at the scene. Law enforcement is actively searching for the man who left the backpack near the building.

Who is Vadym Yermolaiev?

Vadym Yermolaiev, a native of Dnipro, is the founder of the Alef Corporation, which operates in real estate development, manufacturing, and distribution. For many years, he was considered one of the wealthiest Ukrainian entrepreneurs, and Forbes Ukraine repeatedly included him in its ranking of the 100 richest businessmen in the country.

Following the start of the full-scale war, Yermolaiev found himself in the center of public attention. In 2023, Ukrainian President Volodymyr Zelenskyy imposed personal sanctions against him for 10 years. According to the SBU (Security Service of Ukraine), the cause was allegations of conducting business in occupied Crimea and paying taxes to the Russian budget through affiliated companies.

According to open sources, the businessman has also changed his Ukrainian citizenship to Cypriot.