Ukrainian Oligarch Seriously Injured in Suspected Monaco Assassination Attempt

Three people were injured in Monaco on Monday evening after a backpack exploded in the lobby of an apartment complex near the French border. According to Christophe Mirmand, the blast is currently being treated as a “likely attack.” The suspect remains at large, having been recorded on security footage crossing the border into France on foot.

Who were the victims of the explosion?

The victims include a couple aged between 50 and 60 and a 13-year-old boy. Authorities believe the teenager is related to the couple. All three individuals were transported to a hospital in nearby Nice. While the teenager sustained light injuries, the couple remains in critical condition, according to reports from French broadcaster BFMTV and news agency AFP.

Is the attack linked to Ukrainian business interests?

Sources close to the investigation, as reported by AFP and BFMTV, have identified one of the victims as Vadym Jermolajev. Jermolajev is a Ukrainian businessman from Dnipro. Records indicate that Jermolajev relinquished his Ukrainian citizenship for Cypriot nationality in 2017 or 2019.

The business background of Vadym Jermolajev

Jermolajev’s business interests, operating under the Alef Business Group, have spanned multiple sectors including real estate, agriculture, logistics, mining, and the alcohol industry. In Dnipro, his firm was responsible for the development of several prominent shopping centers and office buildings. His business empire also previously held a banking license in Estonia, which was revoked by the national regulator.

Why did the Ukrainian government impose sanctions?

In 2023, Ukrainian President Zelenskyy imposed ten-year sanctions against Jermolajev. The government cited the businessman’s continued operations in Crimea following the Russian occupation. Reports indicate that Jermolajev’s winery continued to sell products using Crimean grapes in Russia, while simultaneously marketing the same wine in the European Union and the United States without accurate place-of-origin labeling. Under Western sanctions, the import of products from Crimea is prohibited. Furthermore, the Ukrainian government alleged that Jermolajev’s companies paid taxes to the Russian state, effectively contributing to the funding of the ongoing invasion.

What is the current status of the investigation?

Law enforcement and fire services from both Monaco and France were deployed to the scene to secure the area and provide medical assistance. Mirmand confirmed during a press conference that local authorities are coordinating with intelligence services to investigate the background of the victims. Official confirmation of the victims’ identities has not yet been released by the authorities.

Stay informed on international security developments by subscribing to our weekly intelligence newsletter. Have information or thoughts on this story? Join the conversation in the comments section below.