Reports from local sources indicate that a Ukrainian billionaire oligarch was among the individuals affected by an explosion in Monaco.

Three individuals, all presumed to be Ukrainian, sustained injuries during the incident that occurred shortly after 9pm on Rue du Révérend Père Louis Frolla on Monday, June 29.

The Monaco Matin news outlet identified one of the victims as Vadim Ermolaev, a prominent figure in Ukraine’s wealth circles who reportedly left the country following recent conflicts with Russia.

The other victims are described as a woman aged between 50 and 60 and a teenage boy.

Authorities in Monaco are currently on the lookout for a suspect linked to the explosion.

According to French media reports, surveillance footage captured a man depositing a backpack at a residential building entrance just before the explosion occurred.

Social media images suggest that the suspected individual wore a black long-sleeve shirt, a bucket hat, and khaki pants.

As of now, the suspect’s identity has not been disclosed by officials.

The suspect is still at large but has been monitored via security cameras as he travelled through Monaco and to Beausoleil.

Law enforcement agencies, including the Nice Anti-Crime Squad and emergency response teams from Nice and Menton, have been dispatched to bolster security in the Beausoleil area.

Monaco’s Minister of State has characterized the incident as a probable attack, speculating that the explosive device possibly contained bolts and shrapnel.

He stated, “Police authorities are currently gathering evidence,” highlighting that this event marks the first of its kind in the history of the Principality.