A Ukrainian businessman who ran a business in occupied Crimea was killed in a bombing in Monaco

A powerful explosion occurred in the center of Monaco, injuring three Ukrainian citizens.

According to French and Ukrainian media reports, among the injured is Dnipro businessman Vadym Yermolayev, who is subject to Ukrainian sanctions for conducting business in occupied Crimea.

The explosion occurred on the evening of June 29 near a residential building between Boulevard d’Italie and Rue du Révérend Louis Froll, close to the border with France.

According to Le Figaro and BFMTV, two adults, one of whom is believed to be Vadym Yermolayev, are in critical condition. A 13-year-old teenager was also injured; his condition is reported to be stable.

According to Monaco police, surveillance cameras captured an unidentified man leaving a backpack containing a suspected explosive device near the entrance to the building, after which he fled the scene. An explosion occurred a few minutes later. Law enforcement is searching for the suspect.

The Monaco Public Prosecutor’s Office is considering the possibility of a terrorist attack, though the final legal classification of the incident has not yet been determined.

Vadym Yermolaev, 58, is the founder of the Alef Corporation and one of Dnipro’s largest real estate developers. In December 2023, the President of Ukraine imposed personal sanctions against him for a period of ten years.

According to the Security Service of Ukraine (SBU), the sanctions were imposed because he conducted business in the temporarily occupied territory of Crimea and paid taxes to the Russian Federation’s budget through companies under his control. The businessman himself has previously denied these allegations.

Investigators in Monaco are currently determining the motives behind the explosion and trying to establish whether Yermolayev was the attacker’s target.

Recently, the Russian military began using a new electronic warfare system, which is being positioned as a means to block Starlink satellite communications. The manufacturer of the system is said to be a company based in occupied Simferopol, which has already been subject to Ukrainian sanctions.

In September 2025, Ukrainian PresidentVolodymyr Zelenskyyimposed sanctions against a number of companies and officials from occupied Crimea

Андрій Колісніченко