MONACO — A targeted explosion at the entrance of a residential building in Monaco injured a Ukrainian businessman with reported ties to Russia, along with a woman and a child, prompting an attempted murder investigation and a search for a suspect, according to The Associated Press and local authorities.
Monaco’s chief prosecutor, Stéphane Thibault, said the blast occurred late Monday and that investigators were searching for a suspect who fled the scene on foot. Authorities have not determined a motive, and the investigation remains ongoing.
Media reports identified one of the injured as Ukrainian construction tycoon Vadym Yermolaiev. The businessman has previously said he renounced his Ukrainian citizenship in 2017 and later became a Cypriot citizen. In 2023, Ukraine imposed sanctions on him over alleged business ties to Russia.
Officials Say Family Appeared to Be Targeted
Monaco’s Minister of State, Christophe Mirmand, said surveillance footage suggested the victims were deliberately targeted.
According to Mirmand, the suspect was seen walking around the area several times before the victims arrived and detonated the explosive device as they entered the apartment building.
“It appears that the family was specifically targeted,” Mirmand said, adding that authorities have not established why the victims were attacked or who may have been responsible.
Monaco police have opened an attempted murder investigation but have not classified the incident as terrorism, Thibault told reporters.
Victims Hospitalized Following Blast
The explosion occurred at approximately 9 p.m. Monday near Monaco’s border with France.
Officials said the injured include a woman, a 13-year-old child and the male victim identified in media reports as Yermolaiev.
Thibault said the woman suffered life-threatening injuries. Mirmand later said she was transferred to a hospital in Nice, France, while her partner and the child sustained less severe injuries but remained hospitalized on Tuesday.
Authorities did not officially confirm the identities of those injured.
Surveillance footage reportedly showed the suspect escaping through a staircase leading to the neighboring French town of Beausoleil. Images published by French media showed an individual wearing a black jacket, light-colored trousers, white shoes and a black bucket hat that partially concealed the face.
Witness Describes Chaotic Scene
Residents living near the building described scenes of panic immediately after the explosion.
Silvano Ippolito, who lives across the street, said he heard the blast before seeing a young boy lying on the ground. He called his wife, a doctor, who rushed to provide emergency medical assistance before paramedics arrived.
According to Ippolito, she applied tourniquets and performed mouth-to-mouth resuscitation as the seriously injured woman began losing consciousness.
He also described seeing a blood-covered man emerge from the building before part of the staircase collapsed, causing him to fall onto Ippolito’s wife and a firefighter assisting at the scene.
Diplomatic Assistance and International Attention
Ukraine’s Foreign Ministry said its embassy in France, which also represents Ukraine’s interests in Monaco, was coordinating with local authorities. Ukrainian diplomats visited the scene and were providing consular assistance.
The attack drew a swift response from Monaco’s Prince Albert II, who condemned the explosion as “an odious act” and said all public services had been mobilized to ensure public safety.
Authorities said the injured family were regular residents of Monaco and that investigators had found no evidence indicating they had previously reported threats.
Businessman Previously Sanctioned by Ukraine
Vadym Yermolaiev built his fortune through the Alef Group, a diversified business with interests in commercial real estate, manufacturing and agriculture. Originally from the Ukrainian city of Dnipro, he became one of the country’s best-known real estate developers through large-scale projects in the city.
In an interview with Forbes Ukraine, Yermolaiev said he relinquished his Ukrainian citizenship in 2017 and became a citizen of Cyprus.
In December 2023, Ukrainian President Volodymyr Zelenskyy approved sanctions against Yermolaiev as part of broader measures targeting individuals and companies that Kyiv alleged maintained business connections with Russia or Russian-occupied territories.
The Cyprus Registrar of Companies lists a Vadym Iermolaiev as director of Vespano Ltd., a company registered in Limassol in 2019. Cyprus’ Interior Ministry declined to comment on his citizenship status, citing confidentiality rules.
Security Questions Raised in One of Europe’s Safest States
The explosion has shocked Monaco, a wealthy Mediterranean principality known for its luxury lifestyle, financial sector and extensive public security network.
Home to approximately 38,000 residents, Monaco is widely regarded as one of the safest countries in the world, supported by an extensive surveillance camera system covering much of the city-state.
Authorities continue searching for the suspect while investigators work to determine the motive behind the apparent targeted attack.
Tags: Monaco, Vadym Yermolaiev, Ukraine, Russia, Prince Albert II, Stéphane Thibault, Christophe Mirmand, Attempted Murder, Explosion, European Security, Criminal Investigation, Beausoleil
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