One of Ukraine’s richest men ‘is blown up in Monaco’: Billionaire real estate developer ‘is badly hurt as shrapnel-filled backpack bomb explodes in luxury apartment block’

At least three Ukrainian citizens, including a billionaire oligarch who fled the war against Russia, were seriously injured after a bomb exploded in the center of Monaco tonight.

The improvised explosive device, containing nuts and bolts, exploded at the entrance of an apartment block called Sun’s Palace, near the Mediterranean coast, shortly after 9pm on Monday.

One victim was named by several sources, including the Monaco Matin news outlet, as 58-year-old Vadim Ermolaev, one of Ukraine’s richest men.

He left his country after the start of the latest hostilities against Russia.

The bomb is thought to have been left in a backpack by a male suspect wearing a black hat, sweatshirts and a white T-shirt. jeans and instructors.

French newspaper Le Figaro said security cameras showed a man dropping a bag at the entrance of the building shortly before the explosion.

Video footage posted online appeared to show him fleeing the scene. Monaco police launched an operation to catch the suspect.

Initial reports from Monaco government official Lionel Beffre stated that “three victims, including Ermolaev, were in critical condition.”

Locally, one of the victims was named Vadim Ermolaev (pictured), one of Ukraine’s richest men

The explosive device containing nuts and bolts exploded at the entrance of an apartment building around 21:00 on Monday.

These included a Ukrainian woman ‘in her 50s or 60s’ and a 13-year-old teenager.

While two adults, including Ermolaev, were taken to the Pasteur Hospital in Nice, the little boy, thought to be a relative, was treated near the scene.

Mr Beffre said others may have been injured in the explosion, which appears to have been part of a planned attack on the building in Rue Révérend-Père-Louis-Frolla in the 1920s.

Monaco State Minister Christophe Mirmand said it was ‘likely to be an attack’.

‘The explosive device probably contained bolts and shrapnel,’ he added.

‘Police services are currently collecting evidence. As far as I know, such an action is happening in the Principality for the first time in history.’

Vadim Ermolaev made his fortune as a real estate developer in Dnipro in central Ukraine before leaving the country with his family.

The Alef Group, which he founded after the collapse of the Soviet Union, was also engaged in the production of wine and alcoholic beverages in Crimea.

A Ukrainian woman ‘in her 50s or 60s’ and a teenager were also hospitalized following the explosion.

Ermolaev became a Cypriot citizen in 2019, and in December 2023 Ukraine imposed sanctions on him, including asset restrictions.

Like many oligarchs who became wealthy after the collapse of the Soviet Union, he has faced criminal charges including money laundering, which he denies.

Ermolaev has four children, two boys and two girls, with his wife Anna Ermolaev, a dentist and charity worker.

In recent years the family has been living in absolute luxury in Monte Carlo, where they maintain a very high profile.

Ermolaev was known for parking his Ukrainian-registered Bentley outside Monte Carlo Casino Square.

He also had a superyacht flying the Ukrainian flag and a high-security villa in nearby Saint-Jean-Cap-Ferrat.

Nearly a hundred Ukrainian oligarchs fled the war with Russia to live in French Riveria.

Monaco is a world-famous tax haven on the French Riviera filled with high-value residents.

It prides itself on its crime-free reputation and attracts billionaire businessmen and celebrities from around the world.

But in recent years there have been numerous corruption scandals in the so-called Rock, including allegations of money laundering by mafia-style gangs, including Ukraine.

Monaco’s ruler, Prince Albert, has promised to bring corruption under control with the help of French officials.

Although Monaco is independent, its defense is primarily the responsibility of the Paris government.