Sanctioned Ukrainian oligarch wounded in Monaco blast
A bomb packed with shrapnel wounded a sanctioned Ukrainian businessman in Monaco, breaking the principality's historic record for public safety.
An explosive device detonated in a Monaco residential building, wounding three people including a sanctioned Ukrainian oligarch. The blast struck around 9:00 pm local time in a structure located on a street along the French border.
A source close to the investigation confirmed one of the wounded was Yermolaiev, a multi-millionaire Monaco resident. Kyiv imposed sanctions on him in December 2023. Ukrainian security services reportedly stated these measures stemmed from his alcohol business activities in Russian-occupied Crimea.
The explosion left a couple in their fifties or sixties with life-threatening injuries. A 13-year-old, very likely related to the couple, suffered less severe wounds. Emergency services also treated four additional people for shock and cuts from shattered windows.
Public prosecutor Stephane Thibault said a suspect left a bag or package in the building's lobby before fleeing the scene. An aide to France's Interior Minister Laurent Nunez said police were working "to find the perpetrator, who has fled." A heavy police presence cordoned off the area as a helicopter circled overhead.
The device apparently contained bolts and buckshot. Authorities have not identified any reason why this specific building was targeted. Minister of State Christophe Mirmand initially called the incident an attack, but later described it as a "deliberate explosion."
"This is the first time in history, to my knowledge, that such an act has taken place in the principality," Mirmand said. Prince Albert II condemned the bombing as a "heinous crime" and "a shock to the entire Monegasque community." Thibault will provide an update at a news briefing on Tuesday.
A risk to Monaco's wealth hub status
The targeting of a multi-millionaire resident carries weight for Monaco's economy and its standing as a secure base for wealthy individuals. Yermolaiev was living in the principality despite facing sanctions over his alcohol business in Russian-occupied Crimea. For high-net-worth investors, this deliberate explosion demonstrates that commercial disputes from Eastern Europe can physically penetrate the principality's historically secure borders.
