A Ukrainian oligarch, Vadym Iermolaiev, was critically injured in a bomb attack on Monday night in Monaco. The explosion occurred at the entrance to his apartment building, leaving him and a woman, identified as his mistress Anna Nasobina, with life-threatening injuries. Nasobina reportedly had both her legs amputated following the blast. A 13-year-old boy, believed to be her son, was also injured and thrown by the force of the explosion. Investigators are treating the incident as attempted murder and are searching for a suspect captured on CCTV fleeing the scene wearing a bucket hat.
Iermolaiev, who amassed his fortune after the collapse of the Soviet Union and was listed by Forbes in 2021 with an estimated wealth of $225 million, had sought refuge in Monaco after leaving Ukraine about a decade ago. He was sanctioned by Kyiv in December 2023 for allegedly continuing to sell alcohol in Russian-occupied Crimea, with Ukraine accusing him of paying millions in taxes to the Russian treasury. Iermolaiev has denied these allegations, stating that Russia seized his assets in Crimea in 2014 and that he has no ties to the occupying forces. He renounced his Ukrainian citizenship in 2017, becoming a Cypriot citizen, and expressed a desire for international protection due to issues with the Ukrainian judicial and tax systems.
The attack has fueled speculation about potential involvement by Moscow or Kyiv, given the ongoing shadow war between the two nations. However, some sources close to Iermolaiev describe him as non-political, an opportunist with no strong ideology, making him an unlikely target for political motives. "He isn’t a political person," one acquaintance told The Guardian. "He’s a businessman. Vadym is nicer than 95 per cent of people on that level."
An alternative theory gaining traction among investigators points to Iermolaiev's alleged links to a €100 million call center fraud scheme. Ukrainian police sources suggest the attack may be retaliation from a criminal network involved in large-scale financial scams across Europe. The Iermolaiev family has been implicated in these operations, which allegedly defrauded thousands of investors through fake cryptocurrency schemes and fraudulent divorce advice. Iermolaiev's son, Artur, was arrested in Cyprus in late 2025 on an Estonian arrest warrant for allegedly creating a criminal organization engaged in telephone fraud. Artur received a suspended prison sentence and paid a €8.5 million fine before leaving Estonia. Both father and son deny any wrongdoing.
Monaco prosecutors are coordinating with French authorities in the manhunt for the suspect. The attack occurred as the victims were entering their apartment building, according to surveillance footage and Monaco's minister of state, Christophe Mirmand. The investigation is ongoing, with authorities exploring all potential motives, from political retribution to criminal underworld retaliation.