A massive explosion in Monaco has left a prominent Ukrainian billionaire oligarch and his wife in critical condition. Vadim Ermolaev, a 58-year-old real estate tycoon and one of Ukraine’s wealthiest individuals, is currently fighting for his life after the incident. Ermolaev, ranked as the 23rd richest person in Ukraine by Forbes, had left the country following the Russian invasion.
Authorities are in pursuit of a suspect who was captured on CCTV discarding a backpack on Rue du Révérend Père Louis Frolla. Monaco’s minister of state, Christophe Mirmand, has labeled the explosion as a deliberate act. The explosive device, believed to be a parcel bomb containing shrapnel, caused injuries to Ermolaev, his wife, and a 13-year-old boy.
The suspect fled towards Beausoleil, a town bordering France, triggering a manhunt. Monaco’s leader, Prince Albert II, denounced the incident as “odious” and confirmed full cooperation with French authorities. Forensic teams are actively investigating the scene, and a press conference was held to discuss the preliminary findings of the probe.
Ermolaev, known for his business ventures in real estate and other industries, holds Cypriot citizenship and has faced sanctions in Ukraine since December 2023. The attack, described as unprecedented in Monaco’s history, has prompted heightened security measures in the area. French rescue teams have joined local efforts to locate the suspect, as the investigation continues to unfold.