Vadym Iermolaiev (X/TribunePopulaire)[Missing Credit]
French outlet Le Figaro has reported that the attack was a “warning” to Iermolaiev rather than an assassination attempt, though the motivation behind it remains unclear.
Born to Jewish parents in Dnipro, Ukraine, Iermolaiev made his fortune in property as founder of commercial construction firm Alef.
However, he renounced his Ukrainian citizenship in 2019 and moved to Cyprus, blaming his home country’s “unfair tax system”.
He has, nonetheless, remained active in Ukrainian politics and has previously said that he has donated to the Ukrainian Armed Forces in the wake of Russia’s invasion in 2023.
Speaking in 2024, he condemned Moscow for launching the war, saying: “I despise our enemies and believe that they will bear responsibility for the grief they brought to Ukrainian land and to my hometown.”
That was despite the fact that, the previous year, he had been sanctioned by the Ukrainian government for allegedly selling vodka and cognac – another of his major business interests – to Russians in Crimea, which Russia annexed in 2014.
Iermolaiev denied the allegations, insisting that his production facilities in the region had been forcibly seized by the Russian army.
According to The Guardian, sources in Ukraine have denied the involvement of the country’s secret service in the attack.
"He’s an opportunist, not an open enemy,” said one, while another, who reportedly knew Iermolaiev socially, added: “He isn’t a political person. He’s a businessman.
"Vadym is nicer than 95 per cent of people on that level... He’s always smiling and pleasant to be around, a typical Dnipro Jew.
"He likes life, tells endless jokes, and speaks in a rather stumbling manner.
"It looks like something very, very personal. There are security cameras on every street corner in Monaco. That’s why rich people feel safe there. The hit doesn’t seem to be the work of a top professional.”
