Who is Vadim Ermolaev? Monaco bombing leaves Ukrainian billionaire in 'critical condition'

A Ukrainian-born businessman who is reportedly among those fighting for his life in a suspected bomb explosion in Monaco is one of the wealthiest ‘oligarch’ figures to emerge from the country’s industrial sector.

Vadim Ermolaev, also transliterated as Vadym Iermolaiev, has been named by officials speaking to news agency AFP as one of three people injured in the blast, which occurred outside a residential building in the luxury principality shortly before 9pm local time on Wednesday.

Police said CCTV footage appears to show a man leaving a backpack at the entrance of the property moments before the explosion. French broadcaster BFM TV described the device as a “parcel bomb”, while investigators continue to search for a suspect. Minister of State Christophe Mirmand stated the backpack bomb was packed with bolts and metal buckshot, causing extreme trauma to the victims with Ermolaev understood to be in critical condition, reports the Telegraph.

Who is Vadim Ermolaev?

Ermolaev is described in public sources as a Cypriot-based businessman of Ukrainian origin and real estate developer, best known for his role in developing projects in the city of Dnipro.

He is associated with the Alef Group, a commercial and industrial conglomerate founded in 1997, with interests spanning real estate, manufacturing, agribusiness, alcohol production and trade. Alef Estate, founded in 2001, focuses on commercial construction.

Public estimates of his wealth have varied widely over time, with figures ranging from around $173 million to more than $800 million.

According to publicly available reports, Ermolaev obtained Cypriot citizenship in 2019 and later renounced his Ukrainian citizenship.

Ukrainian media and monitoring organisations have reported that he has been subject to sanctions imposed by Ukraine’s National Security and Defence Council, including asset freezes and commercial restrictions introduced in 2023.

Those reports allege the measures relate to claims that parts of his business activity continued in Crimea after its annexation in 2014. Ermolaev has previously denied wrongdoing, according to Ukrainian media reports.

AFP reported that his wife or partner and a 13-year-old boy were among those injured, though authorities have not formally confirmed the identities or conditions of all victims.