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Monaco bombing victim Vadim Ermolaev is Ukrainian oligarch sanctioned by Zelenskyy

Ukrainian-born billionaire Vadim Ermolaev is understood to be fighting for his life after a suspected backpack bomb exploded in Monaco, with his wife or partner and a 13-year-old among those injured

[Vadim Ermolaev]

Vadim Ermolaev is one of the people injured in the bomb attack in Monaco, according to reports

A businessman of Ukrainian origin, who is reportedly among those critically injured in a suspected bomb explosion in Monaco, is one of the richest 'oligarch' figures to emerge from Ukraine's industrial sector.

Vadim Ermolaev, also spelled as Vadym Yermolaiev or Lermolaiev, has been identified by officials speaking to news agency AFP as one of three individuals wounded in the blast.

The incident took place outside a residential building in an affluent area just before 9pm local time on Monday (June 29). Authorities stated that CCTV footage seems to show a man leaving a backpack at the entrance of the property moments prior to the explosion.

[Explosion in Monaco]

A booby-trapped backpack or parcel bomb is believed to have sparked the blast(Image: X)

French broadcaster BFM TV referred to the device as a "parcel bomb", while investigators continue their search for a suspect.

Minister of State Christophe Mirmand revealed that the backpack bomb was filled with bolts and metal buckshot, inflicting severe injuries on the victims.

Ermolaev is currently believed to be in a critical condition with another adult and a 13-year-old, who is believed to be his child.

[Suspect in Monaco bombing ]

The suspect is believed to have fled to France (Image: CCTV)

Who is Ukrainian-born billionaireVadim Ermolaev?

Ermolaev is publicly known as a Cypriot-based businessman of Ukrainian descent and property developer, most recognised for his role in developing projects in the city of Dnipro.

He is linked with the Alef Group, a commercial and industrial conglomerate established in 1997, with interests spanning real estate, manufacturing, agribusiness, alcohol production and trade. Alef Estate, founded in 2001, specialises in commercial construction.

Public assessments of his fortune have fluctuated dramatically over the years, with estimates spanning from approximately $173 million to over $800 million.

Relinquishing Ukraine citizenship and sanctions

Based on publicly accessible records, Ermolaev secured Cypriot citizenship in 2019 and subsequently relinquished his Ukrainian nationality, reports the Express.

Ukrainian press outlets and watchdog groups have documented that he faces sanctions from Ukraine's National Security and Defence Council, encompassing asset freezes and trade limitations implemented in 2023. It was signed by Ukrainian President Volodymyr Zelenskyy and included around 200 individuals and companies.

[This photograph shows Monaco's emergency services deployed near the area of an explosion that occurred in a residential building in Monaco, near the border with France on June 29, 2026. Three people were injured two of them very seriously in the explosion of an explosive device in Monaco in the evening. The blast at a residential building was "very likely an attack", Monaco's Minister of State (head of government) told AFP. Public prosecutor said a suspect had left a bag or package in the building's lobby before leaving. Nothing appeared for the moment to indicate why the building might have been targeted, he said. (Photo by Valery HACHE / AFP via Getty Images)]

A huge emergency services presence was on the scene during the night following the explosion (Image: AFP via Getty Images)

The 10-year sanctions order involves the freezing of his assets and the cessation of financial activities. Ermolaev was the owner of the Alef Group, which built the tallest building in Ukraine, the Brama complex in Dnipro. Other individuals sanctioned on this day included citizens of Russia, Latvia and Ukraine.

These accounts claim the restrictions stem from allegations that portions of his commercial operations persisted in Crimea following its annexation in 2014. Ermolaev has previously rejected any misconduct, according to Ukrainian media coverage.

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