Monaco bombing victim Vadim Ermolaev is Ukrainian oligarch sanctioned by Zelenskyy
Ukrainian-born billionaire Vadim Ermolaev is understood to be fighting for his life after a suspected backpack bomb exploded in Monaco, with his wife or partner and a 13-year-old among those injured
Vadim Ermolaev is one of the people injured in the bomb attack in Monaco, according to reports(Image: -)
A businessman of Ukrainian origin, who is reportedly among those critically injured in a suspected bomb explosion in Monaco, is one of the richest ‘oligarch’ figures to emerge from Ukraine’s industrial sector.
Vadim Ermolaev, also spelled as Vadym Yermolaiev or Lermolaiev, has been identified by officials speaking to news agency AFP as one of three individuals wounded in the blast.
The incident took place outside a residential building in an affluent area just before 9pm local time on Monday (June 29). Authorities stated that CCTV footage seems to show a man leaving a backpack at the entrance of the property moments prior to the explosion.
French broadcaster BFM TV referred to the device as a “parcel bomb”, while investigators continue their search for a suspect.
Minister of State Christophe Mirmand revealed that the backpack bomb was filled with bolts and metal buckshot, inflicting severe injuries on the victims.
Ermolaev is currently believed to be in a critical condition with another adult and a 13-year-old, who is believed to be his child.
Who is Ukrainian-born billionaireVadim Ermolaev?
Ermolaev is publicly known as a Cypriot-based businessman of Ukrainian descent and property developer, most recognised for his role in developing projects in the city of Dnipro.
He is linked with the Alef Group, a commercial and industrial conglomerate established in 1997, with interests spanning real estate, manufacturing, agribusiness, alcohol production and trade. Alef Estate, founded in 2001, specialises in commercial construction.
Public assessments of his fortune have fluctuated dramatically over the years, with estimates spanning from approximately $173 million to over $800 million.
Relinquishing Ukraine citizenship and sanctions
Based on publicly accessible records, Ermolaev secured Cypriot citizenship in 2019 and subsequently relinquished his Ukrainian nationality, reports the Express.
Ukrainian press outlets and watchdog groups have documented that he faces sanctions from Ukraine’s National Security and Defence Council, encompassing asset freezes and trade limitations implemented in 2023. It was signed by Ukrainian President Volodymyr Zelenskyy and included around 200 individuals and companies.
The 10-year sanctions order involves the freezing of his assets and the cessation of financial activities. Ermolaev was the owner of the Alef Group, which built the tallest building in Ukraine, the Brama complex in Dnipro. Other individuals sanctioned on this day included citizens of Russia, Latvia and Ukraine.
These accounts claim the restrictions stem from allegations that portions of his commercial operations persisted in Crimea following its annexation in 2014. Ermolaev has previously rejected any misconduct, according to Ukrainian media coverage.
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.
