Bomb attack on Vadim Ermolaev under investigation along two lines: from his son Artur’s cases to clashes over assets in Ukraine

Authorities in Monaco and France are working to uncover the motive behind the bomb attack on Ukrainian businessman Vadim Ermolaev, as the investigation has focused on two main lines of inquiry.

On the evening of June 29, the Principality of Monaco was shaken by an unusual attack that struck one of the most heavily protected areas of the Côte d’Azur. According to suspicions, a person who has still not been identified tried to eliminate Vadim Ermolaev by placing an improvised explosive device filled with screws and metal fragments to increase its destructive effect.

French media outlets Le Figaro and Monaco-Matin reported that the explosive material had been hidden inside a backpack left near the entrance of the building where the target was located. After that, the perpetrator is believed to have fled on foot toward French territory, a movement captured by security cameras.

As a result of the blast, the 58-year-old businessman and his partner suffered serious injuries and were taken in critical condition to Pasteur Hospital in Nice. His 13-year-old son was also transported for treatment to Lenval Children’s Hospital after being injured in the attack.

Monaco Prime Minister Christophe Mirmand described the incident as an unprecedented criminal case for the principality. Meanwhile, the Monegasque and French police have launched a joint operation to identify and capture the perpetrator.

Vadim Ermolaev, born in 1968 in the Dnipro region, ranked 23rd on the Forbes list of the richest Ukrainians. He built his fortune mainly through the alcoholic beverages industry and the construction sector.

After the outbreak of the war, he left Ukraine. Previously, his name had also been mentioned in connection with the Estonian bank Versobank, whose license was revoked in 2018 for violations of anti-money laundering rules.

In 2023, Ukrainian President Volodymyr Zelensky imposed sanctions on Ermolaev, claiming that after the annexation of the peninsula he had re-registered his businesses in Crimea under Russian legislation.

These circumstances have also fueled suspicions of a political motive. The mayor of Fréjus, David Rachline, a member of Marine Le Pen’s party, publicly floated the idea that the attack could be linked to the businessman’s clashes with the Ukrainian authorities. However, at this stage there is no evidence to support that version.

One of the main lines of investigation is focused on the activities of his son, Artur Ermolaev.

A former president of the Ukrainian Esports Federation, Artur Ermolaev is accused of running a network of call centers known as “Cosmo” which, according to the authorities, defrauded European Union citizens through fake investment schemes.

According to court documents, ownership of the buildings where these activities took place belonged to Vadim Ermolaev.

At the end of last year, Artur Ermolaev was arrested in Cyprus on the basis of an Interpol warrant and was later extradited to Estonia, where he was charged with fraud worth more than 100 million euros.

In May 2026, he reached an agreement with the prosecution, paid 8.5 million euros in compensation and was released with a suspended sentence, along with a ban on entering Estonia. Estonian prosecutor Jürgen Huva said the amount paid was higher than the damage caused to Estonian victims.

Although there is no evidence directly linking this case to the attack in Monaco, investigators are keeping open the possibility that the assault may be connected to clashes within criminal phone scam networks.

The second line being examined concerns the economic interests tied to Ermolaev’s wealth in Ukraine.

After the sanctions imposed in 2023, the businessman’s assets were frozen, creating the conditions for clashes over control of his companies.

The Ermolaev family owned some of the largest businesses in the Dnipro region, including the construction company Alef Estate, building materials factories, granite processing enterprises and agricultural companies.

To avoid the confiscation of his properties, the businessman had begun transferring shares to people close to him, including his daughter, Sofia Kononenko.

According to analysts, clashes over control of these assets may have created strong tensions among former business partners, rivals and state officials.

The incident has also caused major concern in Monaco, which for years has been considered one of the safest places for people with great wealth.

Ukrainian businessman and media executive Walid Arfus said that the fact a perpetrator managed to place a bomb in the heart of the principality deals a heavy blow to Monaco’s security image. According to him, the incident could lead to stricter financial and administrative checks on Ukrainian nationals with wealth on the Côte d’Azur.