Renounced Ukrainian citizenship before being named one of the country’s richest: suspicious explosion in Monaco seriously injures oligarch and family

An explosion caused by a device placed in a package seriously injured a Ukrainian oligarch and his family on Monday night in Monaco, in an incident that is raising questions about its origin.

The attack occurred around 9pm local time (8pm Lisbon), in a residential building located on a street close to the border with France, causing injuries to a couple and their 13-year-old son.

Hours after the incident, local authorities said that a suspect had left a package in the building’s lobby before fleeing the scene, and was later seen leaving the area towards the French region of Beausoleil.

The explosive device contained nails and lead, according to official information, and caused a strong explosion that led to the mobilization of around 50 firefighters and 80 security elements. Four other people were treated for shock and cuts caused by shrapnel, according to .

The couple, aged between 50 and 60, is in critical condition, with a guarded prognosis. The teenager suffered minor injuries and is in stable condition.

Ukrainian businessman Vadym Yermolaiev, 58 years old, a Ukrainian multimillionaire residing in Monaco, was identified as one of the victims-

In response to the attack, Prince Albert II classified the episode as a “heinous crime”, considering it a shock for the entire Monegasque community. The French authorities have indicated that an operation is underway to locate the perpetrator, who is on the run.

23rd richest man in Ukraine

A businessman and owner of an empire with interests in real estate, industry and wine, Yermolaiev is often referred to as an influential figure in the economy of post-Soviet Ukraine.

Born in Dnipro, formerly Dnipropetrovsk, he graduated in economics and served in the Soviet army before founding the Alef Group in the mid-1990s, according to a profile from .

The conglomerate expanded into areas such as real estate, agriculture, building materials, the medical industry and industrial equipment. The businessman is highlighted by several media outlets and Forbes magazine as one of the figures responsible for the urban transformation of his hometown, highlighting projects such as the Most-City shopping center and Katerynoslavsky Boulevard.

In 2022, Forbes placed him in 23rd place among the richest businessmen in Ukraine. Over the years, his fortune has reached several hundred million dollars.

Renunciation of Ukrainian citizenship and Ukraine sanctions

In 2019, he made an important decision: he renounced his Ukrainian citizenship to acquire Cypriot citizenship, a decision that sparked debate in his country of origin. Before that, in 2014, following Russia’s annexation of Crimea, it claimed to have lost all of its assets located on the peninsula.

His business trajectory is also marked by controversy and controversy, with criticism related to the nature of his international activities and investments. His career also includes participation in financial and business projects outside Ukraine.

Years after he renounced his citizenship, Ukraine’s National Security and Defense Council imposed sanctions on Vadym Yermolaiev in December 2023.

According to several Ukrainian media, the decision was motivated by suspicions related to commercial activities, namely the continuity of businesses linked to the sale of alcoholic beverages in Crimea under Russian occupation.

The businessman contested the measures and rejected any irregularity. At the same time, it was also cited in international investigations and reports related to financial and banking activities, including the case of Versobank, an Estonian bank whose license was suspended by the European Central Bank in 2018.