Monaco Bomb Targets Ukrainian Oligarch, Three Injured
A backpack bomb detonated at the entrance of a residential building in Monaco on Monday evening, critically injuring sanctioned Ukrainian oligarch Vadym Yermolaiev, his wife, and their 13-year-old son. A Flemish witness who lives near the scene provided harrowing testimony as authorities launched a cross-border manhunt for the suspect, who remains at large.
The explosion occurred at approximately 21:00 CEST on 29 June on Rue Révérend-Père-Louis-Frolla, a street near the French border in the wealthy city-state. According to VRT NWS, the improvised explosive device was concealed in a backpack and contained bolts, buckshot, and metal fragments designed to maximize casualties.
Witness Account
Johan Vertongen, a Flemish (Belgian) resident who lives close to the blast site, told VRT NWS that he initially mistook the explosion for a gas leak. “I first thought of a gas explosion, but when I came outside, I saw it was much worse,” he said. “I saw a child lying there, covered in blood. There was a lot of panic, but the emergency services were quickly on the scene.”
Vertongen said the three victims were initially brought into his apartment building while emergency crews worked to stabilize them before they were transported to hospitals in Nice, approximately 20 kilometres away.
The Victims
Yermolaiev, a Ukrainian-born businessman and former CEO of the Alef Group, sustained burns and shrapnel injuries. He was conscious when evacuated to Pasteur Hospital in Nice. His wife, whose name has not been officially released, suffered catastrophic injuries — both legs were amputated at the hospital, and her life remains at risk, according to Ukrainska Pravda. Their 13-year-old son sustained minor injuries including burns and bruises, with a bolt from the device lodged in his leg. He was treated at Lenval Children’s Hospital.
Four additional people were treated for shock or cuts from shattered windows, Monaco’s Minister of State Christophe Mirmand confirmed.
The Attack
Monaco’s Prosecutor General Stephane Thibault said a suspect was seen on CCTV placing a backpack in the building’s lobby before fleeing on foot toward the French commune of Beausoleil. Moments later, the Yermolaiev family passed the backpack, triggering the detonation. France 24 reported that the device was described as a “parcel bomb” by Monaco’s government.
Mirmand described the incident as unprecedented. “This is the first time in history, to my knowledge, that such an act has taken place in the principality,” he said, adding that authorities are treating it as a targeted assassination attempt but have ruled out terrorism.
Manhunt Underway
The suspect, described as wearing beige trousers, a black jacket, and a black hat, was last seen on CCTV fleeing toward Beausoleil. Despite a massive operation involving French gendarmerie helicopters and the elite RAID unit, he remains at large. BBC News reported that more than 100 police and emergency personnel were deployed, with French Interior Minister Laurent Nunez confirming cross-border police collaboration.
Who is Vadym Yermolaiev?
Yermolaiev, 58, is a real estate developer from Dnipro, Ukraine, who was once listed among Forbes Ukraine’s 100 richest individuals with a fortune estimated at $230 million. He renounced his Ukrainian citizenship in 2019 and became a citizen of Cyprus. In December 2023, President Volodymyr Zelensky imposed sanctions on him for 10 years, including asset freezes, after his alcohol business continued operating in Russian-occupied Crimea, paying taxes to the Russian budget.
Yermolaiev was prominently featured in Ukrainska Pravda’s “Monaco Battalion” investigation, which examined wealthy Ukrainian families who relocated to the French Riviera following Russia’s full-scale invasion in 2022.
Motive and Investigation
While Monaco authorities describe the attack as a targeted assassination attempt, the precise motive remains unclear. Ukrainska Pravda, citing law enforcement sources, reported that French authorities believe the attack may have been organized by representatives of organized crime and could be linked to fraud call centres operating in Dnipro, Ukraine. Prince Albert II of Monaco condemned the “heinous crime,” stating that the principality “will remain united and determined in the fight against violence and criminality.”
What’s Next
Monaco’s Prosecutor’s Office has scheduled a press conference for later today. The manhunt continues across the French Riviera, and security has been heightened throughout the principality. The attack has raised serious questions about security vulnerabilities in Monaco, long considered one of the safest jurisdictions in the world, and whether other Ukrainian oligarchs residing there may face similar threats.
Ukraine’s Foreign Ministry confirmed that diplomats are present at the scene, providing consular assistance as the investigation unfolds.