Monaco was hit on Monday evening by an explosion The explosion occurred in a residential building on Rue Révérend-Père-Louis-Frolla, near Boulevard d'Italie and the French border. It took place around 9:00 PM, in or near the building's entrance. The device was a package or bag booby-trapped item, loaded with bolts and shot, designed to cause maximum injury.
Three victims, two in critical condition.
The current report indicates three people injured: two adults with serious injuries and a 13-year-old boy with minor injuries. The two adults were evacuated to hospitals in Nice in critical condition. As we exclusively reported on Monday evening, one of the identified victims is Vadim Ermolaev, a businessman born in Dnipro.
A suspect was filmed, then fled to France.
CCTV footage The footage shows a man placing a backpack or package down before leaving the scene on foot. After the explosion, the suspect reportedly fled to Beausoleil, a French town immediately adjacent to Monaco. Monegasque and French authorities have launched a joint operation to identify and arrest him.
Vadim Ermolaev, Ukrainian fortune acquired under a Cypriot passport
Vadim Ermolaev is a businessman from Dnipro, linked to the Alef Corporation and major real estate projects in the city, including shopping malls and business complexes. Forbes Ukraine estimated his net worth at $220 million in 2021. He has stated that he has held only Cypriot citizenship since 2017, which explains why he is no longer counted as a Ukrainian citizen in some recent rankings.
A man placed under sanctions by Kyiv
Since December 2023, Ermolaev has been subject to ten-year Ukrainian sanctions. These measures include asset freezes and financial restrictions. The sanctions were imposed as part of a package targeting individuals and entities involved in economic activities in territories occupied by Russia, including Crimea.
The Crimean case at the heart of the accusations
The main charge against him concerns alcohol-related business activities in occupied Crimea. He is accused of maintaining, through intermediaries, economic interests re-registered under Russian law and thus contributing fiscally to the occupying power's economy. Ermolaev has denied these accusations in previous interviews, stating that he does not own or control any business in Crimea.
The industrial past in household products
The name Ermolaev is also associated with the former Ukrainian household chemicals sector. In 2004, Procter & Gamble acquired the assets of Olvia Beta, a major player in the Ukrainian market, behind brands such as Gala, Dax, Dana, and Lotos. These brands then represented approximately 40 to 45% of sales in Ukraine, which is considerable, but does not represent "virtually the entire" market.
His son was convicted in a fraudulent call center case.
The name Ermolaev also appears in another recent case: Artur Yermolayev, presented as the son of Vadym Yermolaiev, was convicted in Estonia of creating and running a criminal organization specializing in telephone fraud. The case involved call centers operating from Ukraine, with victims in several European countries. The total amount of the alleged fraud reached approximately €100 million, of which €5,4 million was defrauded from more than 500 Estonian residents.
