One of Ukraine's richest men is said to be fighting for his life after a shrapnel-filled backpack bomb exploded at a luxury apartment in Monaco. 

Vadim Ermolaev, also known as Vadym Yermolaiev, was reportedly seriously hurt alongside his wife and teenage son when they were 'targeted' on Monday night. 

Grim photos from the scene show the blood-splattered entry of the Sun's Palace apartment block on Rue Révérend Père Louis Frolla, near the French border. An attacker is said to have planted a backpack full of nuts and bolts not long before the explosion. 

In the hours after the blast, police were still searching for the suspect. They are yet to confirm any arrests. 

The Ukrainian billionaire has been named by multiple sources and news sites, including Monaco Matin, as one of the victims. 

Suspect caught on camera fleeing 

He had left his home country following the start of the latest fighting with Russia.

A second victim, described as a woman in her 50s or 60s, is thought to be Ermolaev's wife Anna. Witnesses say she had 'her feet missing,' and was 'slumped over, covered in blood' following the blast.

The third victim has been identified as a 13-year-old boy - thought to be one of the couple's four children. It is believed all three victims were in the building's entrance when the backpack blew up. 

The bomb, understood to be a 'deliberate explosion', was left in a bag by a male suspect wearing a black hat and tracksuit top, and white jeans and trainers.

French newspaper Le Figaro said video surveillance images showed a man dropping a bag at the entrance of the building shortly before the explosion. 

Video footage posted online appeared to show him running away from the scene. 

Three victims in critical condition 

A manhunt for the suspect has since been launched by police in Monaco. An aide to France's Interior Minister, Laurent Nunez, said police were working 'to find the perpetrator, who has fled'.

Early reports from Lionel Beffre, a Monaco government official, said there were 'three victims in a critical condition' - including Ermolaev, a Ukrainian woman in 'their 50s or 60s' and a 13-year-old.

A witness described seeing a 'little boy' at the site, who was 'lying on the ground, covered in blood, with someone trying to help him'.

They are said to have all been rushed to hospital. 

Emergency services treated four other people for shock and cuts from windows shattered in the blast.

Marine Cotta, a neighbour who witnessed the explosion, said the noise was 'like fireworks'.

Prince Albert reacts to bombing 

She said: 'I could hear the police, alarms, and fire trucks, and that's when I thought, "Okay, something is going on".' 

Christophe Mirmand, Monaco's Minister of State, earlier said the detonation appeared to be 'an attack', but later dropped that term, describing it as a 'deliberate explosion'.

He said: 'The explosive device likely contained bolts and shrapnel.

'The three victims were in the building's entrance when the device exploded. It is presumed that they belonged to the same family. 

'Police services are currently gathering evidence. To my knowledge, this is the first time in history that such an act has occurred in the Principality.'

Monaco's Prince Albert II described the incident as a 'heinous crime' and 'a shock to the entire Monegasque community'. 

Ermolaev is among the around 100 Ukrainian oligarchs who have fled the war with Russia to live on the French Riviera.

From Soviet collapse to Monaco 

He made his fortune as a real estate developer in Dnipro, central Ukraine, before leaving the country with his family.

His Alef Group, which he set up following the fall of the Soviet Union, was also involved in wine and spirits production in the Crimea.

Ermolaev became a citizen of Cyprus in 2019, and in December 2023 Ukraine imposed sanctions on him, including asset restrictions.

Like many oligarchs who became rich following the fall of the Soviet Union, he has faced accusations of criminality, including money laundering, which he denies.

Ermolaev has four children – two boys and two girls – with wife Anna, who is a dentist and charity worker.

Billionaire's ultra-luxury Monaco lifestyle exposed 

In recent years, the family has been living in absolute luxury in Monte Carlo, where they had a very high profile.

Ermolaev was known for parking his Ukrainian-registered Bentley outside the Monte Carlo Casino Square.

He also owned a super yacht flying the Ukrainian flag and owned a high-security villa in nearby Saint-Jean-Cap-Ferrat.

Monaco is a globally famous tax haven on the French Riviera full of high-worth residents.

It prides itself on its crime-free reputation, and attracts billionaire business people and celebrities from all over the world.

But there have been numerous corruption scandals on the so-called Rock in recent years, including allegations of money laundering by mafia-style gangs, including ones from Ukraine.

Prince Albert, the ruler of Monaco, has pledged to clamp down on corruption, with the help of the French authorities.

Despite Monaco's independence, its defence is primarily the responsibility of the government in Paris.

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