An improvised explosive device detonated in the foyer of an apartment building in Monaco on Monday evening, injuring three Ukrainian nationals, including billionaire real estate developer Vadim Ermolaev.
The blast occurred around 9 p.m. local time in the Sun's Palace apartment block. The device, packed with nuts and bolts, is believed to have been left in a backpack by a male suspect. Surveillance footage reportedly shows a man dropping a bag at the building's entrance shortly before the explosion and then fleeing the scene. Police have launched a manhunt for the suspect, described as wearing a black hat, tracksuit top, and white jeans.
Ermolaev, 58, who is ranked among Ukraine's wealthiest individuals, was severely wounded in the attack. He had left Ukraine following the start of Russia's full-scale invasion. Another Ukrainian victim was a woman in her 50s or 60s, and the third was a teenager, believed to be a relative.
The two adult victims, including Ermolaev, were transported to Pasteur Hospital in Nice, France. The minor received treatment near the scene. Officials stated that others may have been injured and described the incident as a likely targeted attack.
Ermolaev amassed his fortune as a real estate developer in Dnipro, central Ukraine, and founded the Alef Group, which was also involved in wine and spirits production in Crimea. He became a Cypriot citizen in 2019. In December 2023, Ukraine imposed sanctions on him, including asset restrictions. Ermolaev has denied accusations of criminality, including money laundering, that have been leveled against him, as with many oligarchs who gained wealth after the Soviet Union's collapse.
In recent years, Ermolaev and his family, including his wife Anna, a dentist and charity worker, had maintained a high profile in Monte Carlo. He was known for parking his Ukrainian-registered Bentley outside the Monte Carlo Casino Square and owned a superyacht flying the Ukrainian flag and a villa in nearby Saint-Jean-Cap-Ferrat.
Monaco, a tax haven on the French Riviera, is home to many high-net-worth individuals, including an estimated hundred Ukrainian oligarchs who have relocated there to escape the war. While the principality prides itself on its low crime rate, it has experienced corruption scandals in recent years, including allegations of money laundering involving organized criminal groups from Ukraine. Prince Albert, Monaco's ruler, has committed to addressing corruption with the assistance of French authorities.