Many Unanswered Questions Remain

A sophisticated car-bomb blast targeting sanctioned Ukrainian businessman Vadym Yermolaiev in Monaco has triggered an international manhunt, the discovery of a suspected assassination squad in Kyiv, and conflicting accounts of state intelligence involvement, according to police and prosecutorial records from France and Ukraine.

The Monaco Blast and the International Manhunt

In late June, a 39-year-old Ukrainian woman named Anastasiia Berezovska walked down a fashionable street in Monaco, placed a black bag at the entrance of a residential building, and stepped back to record the scene on her phone, according to police video footage. Seconds later, a family arrived, including Vadym Yermolaiev, a wealthy Ukrainian businessman sanctioned by President Volodymyr Zelenskyy over alleged pro-Russian ties, which Yermolaiev has denied.

The resulting explosion severely injured Yermolaiev, his partner, and their 13-year-old son. Monaco police deployed 250 officers to investigate the advanced explosive device, eventually identifying Berezovska from surveillance footage and issuing an international warrant, according to local authorities.

Discovery of the Suspect’s Body in Kyiv Region

The investigation shifted abruptly to Ukraine when local residents in the village of Yuriv, located in the Kyiv region, spotted a convoy of police vehicles heading toward a wooded area. On July 7, authorities found the body of Anastasiia Berezovska near a cornfield, shot multiple times in the head, according to statements from Ukraine’s Prosecutor General’s Office.

Ukrainian law enforcement subsequently arrested two men in connection with the killing. According to the Prosecutor General’s Office, the suspects had transferred cryptocurrency and funds to Berezovska. Investigators revealed that one of the arrested men worked for HUR, Ukraine’s military intelligence agency, while the second suspect was a former police officer with previous ties to the country’s security services. During a search of one suspect’s home, authorities uncovered what they described as a torture basement featuring bloodstains, a tarp on the floor, an axe, and a sledgehammer leaning against the wall.

Disputed State Involvement and Intelligence Links

Ukrainian security authorities, as reported by the Kyiv Independent, have denied any institutional involvement in the Monaco bombing or the broader plot, maintaining that the two detained men acted independently. However, target Vadym Yermolaiev has publicly rejected that explanation.

Writing from a hospital bed in a letter cited by the French newspaper Nice-Matin, Yermolaiev called the incident an assassination attempt rather than a warning. “Based on the evidence from the investigation that is shared with us, we are convinced that active officers from Ukraine’s military intelligence service (HUR) were directly involved in this attempted murder,” Yermolaiev wrote, adding that he believes the mastermind remains at large.

Historical Context of Targeted Violence

"It was not so unusual with such incidents in the 90s and the 2000s," Bukkvoll said. "Often one could use such methods as a quick solution within politics and business. But there has been a civilization in later times."

Yermolaiev, who is reportedly worth approximately two billion Norwegian kroner through investments in real estate, agriculture, and building materials according to the Kyiv Independent, renounced his Ukrainian citizenship in 2017 to become a Cypriot citizen. President Zelenskyy imposed sanctions on him in 2023 amid measures targeting individuals accused of aiding Russian aggression, including disputed allegations regarding alcohol sales on the occupied Crimean peninsula—claims Yermolaiev has repeatedly denied while expressing strong opposition to the Russian invasion.

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