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Monaco is a popular country of residence for the super rich, due to it's generous tax regime, opulent mansions, and high security - a reputation shaken by a blast at an apartment building on Rue Révérend Père Louis Frolla on Monday.
09:37, Thu, Jul 2, 2026 Updated: 10:06, Thu, Jul 2, 2026
The scene of the blast in Monaco. (Image: SEBASTIEN NOGIER/EPA/Shutterstock)
A bomb attack in Monaco that injured Ukrainian-born oligarch Vadym Yermolayev and two others appears to have been well planned with a "pattern of life" established to work out his movements, an intelligence expert says. Located on the French Riviera, Monaco is a popular country of residence for the super rich, due to it's generous tax regime, opulent mansions, and high security - a reputation shaken by the blast at a high-end apartment building on Rue Révérend Père Louis Frolla on Monday.
Monaco's government said it was caused by a parcel bomb. Christophe Mirmand, the microstate's Minister of State, said it had appeared to contain bolts and pellets, as per AFP news agency. He said the three victims "caught in the explosion as they crossed the threshold of their apartment building". Monaco public prosecutor Stéphane Thibault said two of those injured are in a critical condition in a hospital in neighbouring Nice and that a woman among them is the most seriously hurt, and in a life-threatening condition. The other is a man who is no longer in a life-threatening condition and a child whose life is not in danger, he said, without identifying the victims.
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Vadym Yermolayev (Image: X)
It was initially reported that Mr Yermolaiev's wife Anna Yermolayeva, 56, was thought to be the woman injured in the blast, though it's since been reported that she was elsewhere when it occurred.
She told Ukrainian national public broadcaster Suspilne: "Right now, we are under severe stress and are actively cooperating with the investigation and law enforcement agencies," the woman added.
Mr Thibault said the suspect acted alone and remains at large, adding that the motive remains unclear.
Monaco police have opened an attempted murder investigation but are not qualifying it as a terrorism investigation, she told reporters.
Ex-army intelligence officer Colonel Philip Ingram has suggested that whoever carried out the shocking attack had been informed by close scrutiny of Mr Yermolayev's movements.
He told The Daily Mail: "It's quite clear that this was a very well-planned assassination attempt. Whoever's planned this didn't care who they got, they just wanted to make sure they got him."
A manhunt is underway for the attacker. (Image: Getty)
He added that the way the device was planted "suggests there has almost certainly been some form of reconnaissance beforehand to work out a pattern of life as to when people would come in and out of the house".
Mr Yermolayev, a Ukrainian-born businessman, was originally from the city of Dnipro, and amassed his fortune through the Alef Group, a diversified holding with interests including commercial real estate, manufacturing and agriculture.
He became one of the country’s best-known property developers, leading projects that reshaped parts of Dnipro’s city centre, and has regularly appeared in rankings of the country's wealthiest businesspeople.
In an interview with Forbes Ukraine, Mr Yermolayev said he had renounced his Ukrainian citizenship and became a Cypriot citizen in 2017.
In December 2023, Ukrainian President Volodymyr Zelensky imposed sanctions on him as part of a broader package targeting individuals and companies Kyiv alleged had business links to Russia or Russian-occupied territories, as Moscow's unprovoked full scale invasion of Ukraine continues. Mr Yermolayev has denied links to the Kremlin and contested the sanctions.
The Ukrainian foreign ministry said its embassy in France, which is also responsible for Monaco, was in touch with local authorities. Ukrainian diplomats were at the scene providing assistance, it said.
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