At least three Ukrainian nationals including a billionaire oligarch fleeing the war against Russia were seriously wounded tonight after a bomb exploded in the centre of Monaco.

The improvised explosive device containing nuts and bolts went off in the foyer of an apartment block called the Sun’s Palace, close to the Mediterranean coast, soon after 9pm on Monday.

One victim was named locally by multiple sources including the Monaco Matin news outlet as Vadim Ermolaev, 58, who is ranked among Ukraine’s wealthiest men.

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

The bomb was thought to have been left in a backpack by a male suspect wearing a black hat and track suit 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 blast. 

Video footage posted online appeared to show him running away from the scene. Police in Monaco have now launched a manhunt for the suspect. 

Early reports from Lionel Beffre, a Monaco government official, said there were ‘three victims in a critical condition,’ including Ermolaev.

Three Ukrainian nationals including a billionaire oligarch fleeing the war against Russia were seriously wounded tonight when a bomb exploded in the centre of Monaco

One victim was named locally as Vadim Ermolaev (pictured) who is ranked among Ukraine’s wealthiest men

The explosive device containing nuts and bolts went off in the foyer of an apartment block at around 9.00pm on Monday

They also included a Ukrainian woman in ‘their 50s or 60s’ and a 13-year-old.

The two adults, including Ermolaev, were taken to the Pasteur Hospital in Nice, while the minor, thought to be a relative, was treated close to the scene.

Mr Beffre said others might have been injured in the blast, which appeared to be part of a planned attack on the 1920s building on Rue Révérend-Père-Louis-Frolla.

It is ‘likely to be an attack,’ said Christophe Mirmand, Monaco’s Minister of State.

‘The explosive device likely contained bolts and shrapnel’, he added.

‘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.’

Vadim Ermolaev 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.

A Ukrainian woman in ‘their 50s or 60s’ and a teenager have also been hospitalised following the blast

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 his wife, Anna Ermolaev, who is a dentist and charity worker.

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.

Around a hundred Ukrainian oligarchs have fled the war with Russia to live on the French Riveria.

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 Ukrain.

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.