Monaco, Monaco. Vadym Iermolaiev, a Ukrainian-born businessman who acquired Cypriot citizenship in 2019, was seriously injured in an explosion at a residential building in Monaco that authorities are treating as a terrorist attack. His partner suffered severe amputations to her lower limbs, and a 13-year-old child who is believed to be a family member was also injured.
Incident and emergency response
The explosion occurred at around 9pm local time at a property in Monaco, near the border with France. All three victims were taken to hospitals in Nice, about 20 kilometres from Monaco.
According to Monaco chief prosecutor Stéphane Thiébaut, the explosive device contained metal bolts and pellets and was placed inside a bag or parcel left at the entrance of the property. The suspect then fled on foot towards the Beausoleil area of France.
Around 50 firefighters, including more than 10 who travelled from France, were mobilised to assist the victims, while about 84 security personnel arrived at the scene. Four additional people were taken to Princess Grace Hospital as a precaution with minor injuries or symptoms of shock.
Official statements
Monaco’s Prince Albert II described the explosion as a “heinous crime” in a statement. He said the principality would remain “united and determined in the face of violence and crime,” adding that the safety of the community had always been a priority and would remain so “more than ever, whatever the threats.”
French Interior Minister Laurent Nuñez said police forces from Monaco and France were cooperating to track down the fugitive suspect.
Victim background
Iermolaiev, 58, is considered to hold Ukraine’s 23rd-largest fortune, built mainly through the real estate sector. In 2001 he founded Alef Estate, a company developing office buildings, shopping centres and residential properties in Dnipro.
He relocated to Monaco after Russia’s 2022 invasion of Ukraine, having already acquired Cypriot citizenship in 2019 and renounced his Ukrainian citizenship.
He has been under sanctions since December 2023 under a decision by Ukraine’s national security council ratified by President Volodymyr Zelensky. According to media reports citing sources in Ukraine’s security and intelligence services, the sanctions were imposed because he continued business dealings with Crimea after Russia annexed the peninsula in 2014, specifically involving alcohol sales. The measures include asset freezes and restrictions on his commercial activities within Ukraine.
Witness accounts and investigation
According to residents, the explosion was initially thought to be a gas leak because of its force. They said that moments later the scale of the incident became clear, with injured people lying bloodied at the building’s entrance.
An AFP photojournalist reported a large deployment of security forces that cordoned off the area and observed a helicopter flying over the district.
French and Monegasque authorities are continuing their investigation, examining both the motives for the attack and Iermolaiev’s business and personal circles to determine whether the attack is linked to his business or political activities.