Massive explosion in Monaco injures Ukrainian businessman and his family, media reports

Editor's note: This is a developing story and is being updated.

A major explosion in an apartment building in Monaco injured three victims, all members of the same Ukrainian family, regional media reported on June 29, citing police sources.

The blast took place at around 9 p.m. local time, at a residential building along the border with France.  

The victims are two parents (ages 50-60) and a 13-year-old girl, police told the French news outlet Le Figaro. The parents are both in critical condition while the child is reportedly stable after sustaining non-life-threatening injuries.

The French news outlet BFM TV identified the injured man as Ukrainian businessman Vadym Yermolaiev, citing a source close to the investigation. Previously, Le Figaro reported that one of the victims may be a Ukrainian oligarch.

The Kyiv Independent cannot confirm these reports at the time of publication.  

Christophe Mirmand, Monaco's Minister of State, told Agence-France Presse that the explosion was "likely an attack." He also said it was the first such incident, in his knowledge, in the history of the principality of Monaco.

Emergency crews are at work at the site of the blast and a police team is searching for the perpetrator.

Monaco's Prosecutor General, Stephane Thibault, said an individual was seen leaving a bag or package in the lobby of the building before fleeing the scene. According to Thibault, it is not yet clear why this specific building was targeted.

Preliminary information indicates the explosive device was filled with bolts and metal shot to increase the force of the blast, Mirmand said.

Mirmand also confirmed that two parents and a child were injured in the explosion, but did not disclose the nationality or identity of the victims. He also said four additional individuals were taken to the hospital due to shock, but were not injured.

Vadym Yermolaiev is regularly listed as one of Ukraine's richest individuals. A businessman and investor, he was the CEO of Alef Group and the developer behind various major building projects in Dnipro. In 2019, he renounced his Ukrainian citizenship and became a citizen of Cyprus.

President Volodymyr Zelensky imposed sanctions against Yermolaiev in 2023, subjecting the multimillionaire to asset freezes and requiring him to cease all financial operations in Ukraine for a period of 10 years.

The French Riviera became a popular destination for wealthy Ukrainian families following Russia's full-scale invasion in 2022. The Ukrainian news outlet Ukrainska Pravda dubbed this group the "Monaco Battalion" in a video investigation published in August 2022. Yermolaiev was featured in the investigation.