Who is the Ukrainian oligarch allegedly targeted in the Monaco bombing?

Officials in Monaco have described a bomb attack that injured three people on Monday as the first terrorist act in the European principality’s history. The target was reportedly Vadim Ermolaev, a Ukrainian multimillionaire sanctioned by Vladimir Zelensky and suspected of links to organized crime.

A man allegedly left a backpack containing a shrapnel-packed improvised explosive device near the entrance to a residential building close to the Place des Moulins next to the border with France. The bomb was apparently detonated remotely, seriously injuring a couple in their 50s and a teenage boy. The suspected perpetrator remains at large.

Officials have not identified the victims, but media reports say Ermolaev, 58, his wife, and their son were injured in the apparent assassination attempt.

How did Ermolaev become rich?

The Dnepropetrovsk-born Ermolaev rose to prominence after the collapse of the Soviet Union, repeatedly appearing on Forbes’ list of the 100 richest people in independent Ukraine and ranking among the most influential figures in his home city. His net worth was estimated at nearly $400 million in 2014.

Ermolaev has interests in several sectors, including construction materials, real estate development and leasing, agriculture, and alcoholic drinks production.

His legal businesses are allegedly complemented by illicit proceeds from some 170 scam centers, many of them based at his commercial properties. The suspected criminal network is nicknamed ‘Alef’ – the same name as the above-the-board conglomerate he launched in 1998. Dnepr, as the city was later renamed, is informally known as Ukraine’s scam capital.

Why did Zelensky sanction Ermolaev?

Zelensky targeted Ermolaev for doing business in Russia’s Crimea, a prominent winemaking region, which is illegal under Ukrainian law. The personal restrictions were imposed in 2023, four years after Ermolaev renounced Ukrainian nationality and became a citizen of Cyprus.

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The sanctions reportedly had little effect on him personally or on his business operations.

The millionaire is a member of the so-called ‘Battalion Monaco’ – dozens of Ukrainian elites accused of illegally leaving the country after the escalation of the conflict with Russia in 2022. As the name suggests, many of them settled in the principality.

As for his business interests, Ermolaev allegedly uses opaque ownership structures to conceal his sprawling empire and relies on powerful government connections to protect his wealth. Sergey Lysak, a retired general of the Security Service of Ukraine (SBU) who headed the administration of Dnepropetrovsk Region before being reassigned to Odessa last year, is reportedly a personal friend of Ermolaev.

Was Ermolaev ever prosecuted?

Not personally, but his adult son Artur received a slap on the wrist from Estonia earlier this year. He was accused of leading a scam group that allegedly defrauded EU citizens of an estimated €100 million ($114 million).

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The 35-year-old defendant was offered a sweetheart deal, under which he paid €8.5 million ($9.6 million) in compensation to Estonian victims in exchange for a suspended five-year sentence and a ban on entering the Baltic nation. Officials said the outcome ensured swift repayment to scammed citizens, which would not otherwise have been possible.

Is the bombing attack unprecedented?

While Monaco is known for its high level of public safety, the small nation has had experience with bomb attacks. In 2004, an explosive device went off early in the morning at the Louis II stadium, causing no casualties.

No terrorist organization claimed responsibility. Investigators reportedly concluded that some disgruntled football fans were behind the incident.

The incident this week is certainly extraordinary for Monaco, but violence is nothing new for Ukrainian organized crime, where competition is fierce and often brutal.

Earlier this year, Indonesia was shocked by the abduction, murder, and dismemberment of Igor Komarovsky, a man whose father has been described in the Ukrainian media as a major figure in the scam industry. He was snatched by unidentified abductors, while his friend, the son of his father’s business partner, barely escaped with his life.

The case was particularly shocking because a leaked video appeared to show Komarovsky, apparently tortured, begging for a $10 million ransom to be paid. By the time the footage was sent, he was reportedly already dead.