Explosion targets Ukrainian businessman Vadim Yermolayev's home in Monaco

A bomb hidden in a bag exploded in a residential building in Monaco on the evening of June 29, injuring three members of a Ukrainian family, including businessman Vadim Yermolayev. The 58-year-old founder of the Alef corporation, who is under Ukrainian sanctions, was left in critical condition along with a woman believed to be his wife. The suspect who planted the device fled the scene and remains at large.

A bomb blast rocked the Principality of Monaco on the evening of June 29, 2026, when an unidentified man left a bag, reportedly packed with bolts and pellets, in the lobby of a residential building on Rue Révérend-Père-Louis-Frollo. The device detonated as residents were entering the building. CCTV footage captured the suspect leaving the scene before the explosion.

Three injured, two in critical condition

Monaco's Minister of State Christophe Steiner confirmed that three people were wounded: a man and a woman aged between 50 and 60, and a 13-year-old teenager described as connected to them. The two adults suffered life-threatening injuries and were transferred to hospitals in nearby Nice. According to Le Figaro, citing sources, all three belong to a Ukrainian family, the injured man being identified as businessman Vadim Yermolayev. Two sources in Ukrainian business circles confirmed the identification to Ukrainska Pravda. The Ukrainian Embassy in France said it was verifying information about the affected Ukrainian nationals.

Monaco's Attorney General Stéphane Thibaut ruled out a terrorist motive, and authorities stated that a formal legal classification of the incident would be issued at a later stage. The country's head of government noted that «such an incident has never before occurred in the history of the principality».

Who is Vadim Yermolayev?

Yermolayev is a 58-year-old businessman originally from Dnipro, Ukraine, and the founder of the Alef trading and manufacturing corporation, one of the city's largest property developers. His business empire spans real estate, construction materials, agriculture, mineral extraction, logistics and alcohol production. One year before Russia's full-scale invasion of Ukraine, Forbes Ukraine estimated his net worth at $220 million.

Although Yermolayev built his business in Ukraine, he formally renounced Ukrainian citizenship in 2017 and has since held only a Cypriot passport. He has lived in Monaco in recent years.

Under Ukrainian sanctions

Ukrainian President Volodymyr Zelensky imposed sanctions on Yermolayev and his associated companies in December 2023. Ukrainian law enforcement alleged that after Russia's annexation of Crimea, alcohol businesses linked to Yermolayev were re-registered under Russian law, continued operating on the peninsula, and paid taxes into the Russian federal budget. Yermolayev denied these allegations. In 2024, it was reported that he had transferred a portion of his assets to his 21-year-old daughter Sophia, who lives in Cyprus and London.

Estonian connection

The Yermolayev family has a notable connection to Estonia. Late last year, Yermolayev's son Artur was detained in Cyprus on an Interpol warrant and extradited to Estonia, where he faced charges of leading a criminal organisation that ran telephone fraud schemes. According to Estonian investigators, Artur Yermolayev and three co-defendants operated fraudulent call centres in Ukraine that offered non-existent investment opportunities, netting over €100 million between 2019 and 2022, of which €5.4 million was defrauded from Estonian residents. Artur Yermolayev reached a plea deal, received a suspended sentence, paid €8.5 million, and subsequently left Estonia under a re-entry ban.