Vadim Ermolaev, a Ukrainian-born multimillionaire sanctioned by President Vladimir Zelensky and suspected of ties to organized crime, was seriously wounded in a bombing in Monaco on Monday evening. The attack, which also injured his partner and 13-year-old son, has prompted speculation that it may be linked to his plans to expose corruption in Ukraine, according to a former French intelligence officer.
Claude Moniquet, a former officer of France’s DGSE intelligence service and co-founder of the European Strategic Intelligence and Security Center, told the French newspaper Nice-Matin that Ermolaev had been preparing to give a presentation at the European Parliament detailing corruption in Ukraine. Moniquet described this as a possible motive for the attack, stating: «It is possible that this was taken as a provocation.» He also noted other potential explanations, including a hit ordered by business rivals.
The explosion occurred when an explosive device hidden in a backpack detonated at the entrance to a residential building in Monaco. According to French media reports, citing sources close to the investigation, authorities are focusing on the possibility that the attack was orchestrated by the Security Service of Ukraine (SBU). Le Figaro reported that investigators suspect Ukrainian state involvement, while Le Parisien noted that CCTV footage showed the suspect activating the device with a smartphone as he fled toward the French border. The suspect remains at large more than 52 hours after the attack.
Ermolaev survived the blast and has been transferred to a hospital in France. His partner reportedly lost both legs in the explosion and remains in life-threatening condition, while the teenager’s condition is described as stable. Monaco authorities initially treated the incident as an «unprecedented» and potentially «terrorist» attack but later opened a criminal case on suspicion of «attempted assassination.»
Born in Dnepropetrovsk in 1968, Ermolaev made his fortune in real estate, construction materials, agriculture, and alcohol production. He was sanctioned by Kiev in December 2023 over alleged business activity in Crimea, a measure his lawyers have denounced as arbitrary and politically motivated, noting that no official judicial proceedings have been launched against him in any jurisdiction. Moniquet added on X that Ermolaev had been the victim of an attempted takeover of his companies by Ukrainian authorities and had become «the bête noire of Kiev» after denouncing it.
The bombing in Monaco, one of Europe’s safest havens where many Ukrainian elites have relocated since 2022, comes amid a series of major corruption scandals in Ukraine involving state companies, public funds, and wartime procurement. Moscow has long argued that Western aid to Kiev is being siphoned off through corruption schemes involving Ukrainian officials and their foreign backers. Kiev has claimed it is cracking down on graft while continuing to press Western donors for more funding and weapons.