Attempted assassination of Yermolayev: Monaco is investigating the theory involving the SBU

Katerina Melnychenko
Katerina Melnychenko Deputy Editor-in-Chief
Attempted assassination of Yermolayev: Monaco is investigating the theory involving the SBU
Vadym Yermolaev is a businessman from Dnipro and one of the city’s largest property developers. He previously featured regularly on Forbes’ list of the 100 richest people in Ukraine
Investigators in Monaco are looking into the possibility that the SBU may have been involved in the explosion in which Ukrainian businessman Vadym Yermolayev was injured.

The French newspaper *Le Figaro* has reported that the Monaco authorities investigating the attempted assassination of Vadim Yermolayev are examining the possibility that the Ukrainian Security Service may have been involved.

According to the newspaper’s sources, the explosion was likely a ‘warning’ rather than a deliberate attempt at murder. Monaco’s law enforcement agencies have not officially confirmed this theory.

Le Figaro also reports that the suspect in organising the explosion may initially have been in hiding in the French town of Bosoley, which is located near Monaco. According to the investigation, he may subsequently have fled to Italy. The search for him is ongoing.

What is known about the explosion in Monaco

The explosion took place on the evening of 29 June in the lobby of a residential building in Monaco. It is believed to have been caused by an explosive device left near the entrance to the building. The suspect then fled on foot towards France. 

Three people were injured in the explosion: a man, a woman and a 13-year-old boy. Local authorities reported that the victims had been hospitalised.

The names of the victims were not officially disclosed. However, media reports indicated that among them was Vadym Yermolayev, a businessman and property developer from Dnipro. Initial reports also suggested that his wife and son were among the injured, but it later emerged that the Ukrainian businessman Vadym Yermolayev was accompanied by his mistress, Anna Nasobina.

Reuters, citing Monaco’s public prosecutor Stéphane Thibault, reported that the attack is being investigated as a targeted attempted murder. According to him, Monaco’s law enforcement agencies are working alongside their French counterparts to identify and apprehend the suspect. 

Statement from the Ukrainian Ministry of Foreign Affairs

The Ukrainian Ministry of Foreign Affairs has stated that it is in contact with the authorities in Monaco. Ukrainian diplomats are working at the scene of the incident.

The Ministry of Foreign Affairs stated that it is using official channels to identify the victims and ascertain whether they hold Ukrainian citizenship.

The Monaco police do not classify the explosion as a terrorist attack. At this stage, the case is being investigated under sections of the law relating to attempted murder and the placement of explosive substances or devices in public places.

Who is Vadym Yermolayev?

Vadym Yermolayev is a Dnipro-based businessman and one of the city’s largest property developers. He is the founder of the ‘Alef’ trade and manufacturing corporation, which operated in the fields of property, agriculture, the production of building materials, welding technologies, mineral extraction and logistics.

According to *Korrespondent* magazine, Yermolayev’s fortune was estimated at $265 million in 2012.

The businessman later renounced his Ukrainian citizenship and obtained a Cypriot passport. Reuters reports that Yermolaev acquired Cypriot citizenship in 2019 and has been residing in Monaco since at least 2021.

In 2023, Ukraine imposed personal sanctions on Vadym Yermolayev for a period of 10 years. According to the SBU, the sanctions were based on Yermolayev’s alcohol business in occupied Crimea, where companies paid taxes to the Russian budget.

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