Ukrainian-born billionaire Vadim Ermolaev, sanctioned by President Volodymyr Zelenskyy, is among those critically injured in a suspected backpack bomb explosion in Monaco, according to officials. The blast, which occurred outside a residential building in an affluent area around 9pm local time on June 29, also wounded his 13-year-old child and another adult.
Details of the Attack
CCTV footage reportedly shows a man leaving a backpack at the entrance of the property moments before the explosion. French broadcaster BFM TV described the device as a “parcel bomb,” while Monaco’s Minister of State Christophe Mirmand stated that the backpack was filled with bolts and metal buckshot, causing severe injuries. The suspect is believed to have fled to France, and investigators are searching for him.
Who Is Vadim Ermolaev?
Ermolaev is a Cypriot-based businessman of Ukrainian descent and a property developer, best known for his role in developing projects in Dnipro. He is linked to the Alef Group, a commercial and industrial conglomerate established in 1997 with interests in real estate, manufacturing, agribusiness, and alcohol production. Alef Estate, founded in 2001, specializes in commercial construction. Public assessments of his fortune range from approximately $173 million to over $800 million.
Sanctions and Citizenship
According to Ukrainian press outlets and watchdog groups, Ermolaev secured Cypriot citizenship in 2019 and subsequently relinquished his Ukrainian nationality. He faces sanctions from Ukraine’s National Security and Defence Council, including asset freezes and trade limitations implemented in 2023, signed by President Zelenskyy. The sanctions, affecting around 200 individuals and companies, stem from allegations that parts of his commercial operations continued in Crimea after its annexation in 2014. Ermolaev has previously denied any misconduct.
Impact and Investigation
Ermolaev is currently in critical condition, along with his child and another adult. The 10-year sanctions order involves freezing his assets and ceasing financial activities. The Alef Group, which he owned, built the tallest building in Ukraine, the Brama complex in Dnipro. The attack has raised security concerns in Monaco, with a large emergency services response on the scene.
