The man seriously injured in Monday night's explosion in Monaco has been named by a source close to the investigation, as reported by France 24 and AFP, as Ukrainian born businessman Vadim Ermolaev, bringing a wider international dimension to an already shocking attack in the Principality.
The explosion happened at the entrance of a residential building in Monaco and injured three people. Monaco's Prosecutor General has confirmed that the case is being investigated as attempted murder, and that the incident is not currently being treated as terrorism.
Authorities believe the victims may have been deliberately targeted, although the motive remains under investigation.
TVMonaco has since reported on Ermolaev's background, stating that he moved to Monaco in 2021. The broadcaster also said his name had appeared in connection with the so called "Monaco Battalion", a term used in Ukrainian media to describe wealthy Ukrainians and public figures said to have taken refuge on the Côte d'Azur after the beginning of the war with Russia.
The phrase should be treated with caution. It is not an official military group, but a nickname used in media reports and public discussion. In 2022, Ukrainian media referred to a list of 84 wealthy Ukrainians and public figures believed to be living in Monaco or nearby Cap Ferrat during the early stages of the conflict.
Ermolaev has been described in international reports as a businessman from Dnipro, Ukraine, with interests including real estate, agriculture and alcohol production. He is also reported to have later acquired Cypriot citizenship and renounced his Ukrainian nationality.
His name has previously appeared in relation to Ukrainian sanctions. In December 2023, Ukraine's National Security and Defence Council introduced sanctions against more than 200 individuals and companies, including Vadim Ermolaev, who was listed as a Cypriot citizen.
According to Ukrainian reporting, those sanctions were linked to allegations involving business activity connected to Russian occupied Crimea. Ermolaev has previously denied wrongdoing, with reports stating that he disputes the allegations and says his assets in Crimea were seized after Russia's annexation of the territory.
French newspaper Le Figaro has reported that investigators are increasingly focusing on the possibility that the attack was orchestrated by the SBU, Ukraine's security and intelligence service. According to the newspaper's sources, detectives believe the bomb was a targeted operation rather than a spontaneous act. Monaco's prosecutors have not confirmed this line of inquiry and continue to state that the motive remains unknown.
For Monaco, the attack is highly unusual. The Principality is known for its security, surveillance and low levels of violent crime, which is why the use of an explosive device outside a private residence has caused such concern.
According to authorities, surveillance footage showed a suspect leaving a bag or backpack near the entrance before fleeing the scene on foot. The injured included Ermolaev, a woman and a 13 year old child. Early reports have differed on the woman's exact identity and the severity of her injuries. Multiple international outlets, including France 24 and the Sunday Guardian, are reporting that she lost both feet as a result of her injuries. Blue Coast News has not been able to independently verify this claim, and Monaco's authorities have not officially confirmed the extent of her injuries.
The suspect remains at large, with Monaco and French authorities working together across the border. Investigators are looking at the possibility that the attacker may have fled into France after the explosion.
Prince Albert II has condemned the attack, describing it as a serious and shocking act against the Monegasque community.
At this stage, investigators have not confirmed a motive. Despite Ermolaev's business history, sanctions status and public profile, authorities have not established whether the attack was linked to politics, personal matters, business disputes or any other cause.
For now, what is clear is that Monday night's explosion has turned a quiet residential building in Monaco into the scene of one of the Principality's most serious criminal investigations in recent memory. It has also placed renewed attention on the powerful, discreet and sometimes controversial figures who have made the Riviera their home.