Who is Ukrainian businessman Vadym Yermolayev, who was reportedly injured in the explosion in Monaco?

Monaco’s Prime Minister Christoph Mirman, according to Le Figaro, believes this was a terrorist attack caused by a bomb explosion.

According to media reports, all three victims are members of the same family. The parents are in critical condition following the explosion, while the 13-year-old boy is in stable condition. One of the parents, as journalists report, is Ukrainian oligarch Vadym Yermolayev, who moved to Monaco at the very start of the full-scale war. Here’s what is known about him.

Who is Vadym Yermolayev?

According to BBC Ukraine, Vadym Yermolayev is a businessman from Dnipro who founded the “Alef” trade and manufacturing corporation. He is also one of the city’s largest real estate developers. Yermolayev was previously listed among the 100 richest Ukrainians by Forbes.

In 2019, according to media reports, he renounced his Ukrainian citizenship and obtained Cypriot citizenship. In December 2023, President Volodymyr Zelenskyy imposed personal sanctions against him for a period of 10 years. The basis for this was his business activities in occupied Crimea, where, according to the authorities, his companies paid taxes to the Russian Federation’s budget.

How are law enforcement agencies responding?

According to Le Figaro, a “red alert” has been declared in Monaco. It calls for a “gradual increase in resources depending on the number of victims” during a “violent incident that has caused or is capable of causing numerous casualties.” Sources close to the Ministry of the Interior report that “French rescue teams are on the scene” and that “cooperation with the police has been established to search for the fugitive.”

What is known about the suspect

Media reports state that surveillance camera footage shows a man leaving a backpack in the lobby of an apartment building. According to BFMTV, he was wearing beige pants, a black jacket, and a black hat that partially covered his face.

As the man fled on foot toward the neighboring town of Bosoley, the explosive device detonated just as other people were entering the same building. According to Monaco’s prime minister, the explosive device likely contained bolts and shot.

As a reminder, the Ukrainian Consulate in Monaco commented to “Shelter” on the explosion and the possible injury of Ukrainian businessman Vadym Yermolaev.