Monaco explosion injures Vadym Yermolaiev and two others as suspect is sought

An explosion at the entrance of an apartment building in Monaco injured three people, including a Ukrainian tycoon with reported links to Russia. Prosecutor Stéphane Thibault said on Tuesday that a suspect ran away on foot after the blast late on Monday. The motive was still unknown, and police continued to search for the attacker.

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Media reports named the injured businessman as Vadym Yermolaiev. Vadym Yermolaiev has said he renounced Ukrainian citizenship nearly a decade ago. Ukraine placed Vadym Yermolaiev under sanctions in 2023 over ties to Russia. A woman and a child were also hurt, and officials did not release identities.

Monaco explosion investigation and suspect search

The blast happened at about 9 pm on Monday near Monaco’s border with France. Thibault said police opened an attempted murder inquiry. Thibault added it was not being treated as a terrorism case. The suspect escaped by steps leading to a small street towards Beausoleil in France.

Christophe Mirmand, Monaco’s minister of state, said the victims appeared to be targeted. Mirmand said footage showed the suspect circling the area several times. The three were "apparently returning home peacefully", according to Mirmand. The explosion struck as they crossed into the building entrance.

Footage shared by French media showed the suspect in a street after the attack. The person wore a black jacket and light-coloured trousers. The suspect also wore white shoes and a black bucket hat. The hat partly covered the face, making identification harder.

Monaco explosion victims’ condition and official response

Thibault said the injured woman was in a life-threatening condition. Mirmand told French broadcaster LCI that the woman was treated at a hospital in Nice. Mirmand said the woman’s partner and a 13-year-old child had less severe injuries. Both remained hospitalised on Tuesday.

Monaco’s Prince Albert II called the incident "an odious act\". Prince Albert II said all public services were mobilised to ensure security. The attack drew attention because Monaco is seen as highly secure. The principality uses thousands of surveillance cameras across most public areas.

Monaco explosion context: Ukraine, Russia and targeted attacks

Officials said it was unclear who targeted the family and why. Russia has a long record of targeting enemies abroad. Western intelligence officials have said targeted killings increased after President Vladimir Putins 2022 invasion of Ukraine. Ukraine is also believed to have attacked Russian figures, mainly within Ukraine or Russia.

The Ukrainian Foreign Ministry said its embassy in France, which also covers Monaco, was in contact with local authorities. It added that Ukrainian diplomats were at the scene. The ministry said the team was providing help. Authorities in Monaco did not confirm if the family faced threats earlier.

Monaco explosion and Vadym Yermolaiev background

Vadym Yermolaiev was born in Ukraine and is originally from Dnipro. Vadym Yermolaiev built wealth through the Alef Group, with interests in property, manufacturing and agriculture. Projects led by Vadym Yermolaiev reshaped parts of central Dnipro. Vadym Yermolaiev often appeared in rankings of Ukraine’s wealthiest entrepreneurs.

In an interview with Forbes Ukraine, Vadym Yermolaiev said he became a Cypriot citizen in 2017. In December 2023, Ukrainian President Volodymyr Zelenskyy sanctioned Vadym Yermolaiev. The measures were part of a wider package against people and firms Kyiv linked to Russia or occupied areas.

Cyprus company records list a man called Vadym Iermolaiev as a director of Vespano Ltd. The firm is based in Limassol and was first registered in January 2019. Cyprus Interior Ministry told The Associated Press it could not share details on citizenship status. The ministry cited confidentiality rules.

Monaco has about 38,000 residents and attracts wealthy people from many countries. Only around one-fifth of the population are citizens of the principality. The country is known for tax-friendly policies, the Formula 1 Grand Prix and its royal family. The search continued as investigators reviewed the available footage.

With inputs from PTI