Media: One of the victims is a Ukrainian oligarch

An explosion occurred on Monday evening in the northern part of Monaco, specifically in the district of La Rousse - Saint-Roman, along the street Reverend-Pere-Louis-Folla. According to reports from AFP, one of the injured individuals is believed to be Vadym Yermak, a Ukrainian oligarch. The blast was caused by a backpack left on the street, contradicting earlier claims that it had been placed in the lobby of a residential building in Monaco. This incident has raised concerns about security in the small principality, known for its affluent residents and favorable tax policies.

The explosion resulted in injuries to three individuals, including a man and a woman who were reportedly in their prime years, as well as a 13-year-old boy associated with them. Both adults are said to be in critical condition, while the teenager sustained less severe injuries. Authorities have confirmed that four other individuals were taken to the hospital but were not physically harmed, though they experienced shock due to the explosion.

Christophe Mirmand, the Minister of State and head of government in Monaco, stated that this appears to be a terrorist attack, marking the first such incident in the history of the Principality. He emphasized the gravity of the situation, describing the event as a tragedy for Monaco. Eric Ciotti, the mayor of nearby Nice, also expressed his concern, stating that the attack is a significant blow to the region.

According to sources close to the investigation, all those affected by the bombing are citizens of Ukraine. Vadym Yermak, a prominent figure in the agricultural and food industry, has faced sanctions from Ukrainian authorities in December 2023 for continuing business operations in Crimea, which remains under Russian occupation. His presence in Monaco highlights the complex geopolitical dynamics involving both countries.

French police, in collaboration with their Monégasque counterparts, are actively searching for the person suspected of leaving the explosive device. Surveillance footage obtained by Le Figaro shows a man placing the package near the entrance of a residential building shortly before the explosion. This visual evidence is crucial in identifying potential suspects and understanding the sequence of events leading up to the incident.

Monaco's appeal as a residence for wealthy individuals from various countries, particularly Russia and Ukraine, is partly attributed to its highly attractive tax system. Residents and non-residents alike benefit from exemptions on personal income taxes, making it a desirable location for high-net-worth individuals seeking financial advantages. This aspect of Monaco’s economy and society may contribute to the presence of influential figures like Yermak in the area.

As the investigation continues, authorities are working diligently to uncover more details about the perpetrator and the motives behind the attack. The international community is watching closely, given the potential implications of such an act within a country that prides itself on safety and stability. The incident underscores the need for enhanced security measures and vigilance against threats that could disrupt the peace and prosperity of Monaco.