A massive explosion in Monaco has left a Ukrainian billionaire oligarch and his wife in critical condition. Vadim Yermolayev, aged 58 and ranked as the 23rd wealthiest individual in Ukraine by Forbes, is a renowned real estate tycoon who reportedly fled Ukraine following Russia’s invasion. The incident involved a suspect caught on CCTV discarding a backpack on Rue du Révérend Père Louis Frolla, described by Monaco’s minister of state as a “deliberate explosion.”

Authorities disclosed that the explosive device likely contained bolts and pellets, causing severe injuries to the oligarch and his partner, along with a 13-year-old boy who sustained minor injuries. The suspect escaped on foot towards the neighboring town of Beausoleil, prompting a heightened police presence in the area.

French rescue teams have joined forces with Monaco’s emergency services to track down the suspect, who was identified through video surveillance. The victims, including the oligarch Vadim Ermolaev, were transported to Pasteur Hospital in Nice for treatment. Ermolaev, a prominent figure in Ukraine’s industrial sector, has been under sanctions since December 2023 due to his involvement in business activities in Russian-occupied Crimea.

The explosion, characterized as a “parcel bomb” by the principality’s prosecutor general, marks a rare and concerning event in Monaco’s history. Local reports indicate that the victims, believed to be members of the same Ukrainian family, are facing critical conditions. The manhunt for the suspect continues, with heightened security measures in place to ensure public safety.