Monagasque authorities have not confirmed the identities of the victims, but according to multiple sources, Iermolaiev, his partner and his son were wounded.
The Jewish businessman is reported to be "fighting for his life" after the blast, while his partner has one leg amputated and his teenage son is said to be "badly burned".
CCTV footage from their luxury apartment complex, now being examined by investigators, allegedly shows a man leaving a backpack inside the building at around 10pm on Monday, though police are investigating the theory that Berezovska was disguised in men’s clothing. The device exploded a short time later.
Meanwhile, Ukrainska Pravda reported that two other suspects had been arrested in connection with the case. One is an active officer in Ukraine's Defence Intelligence Directorate, while the other is a “former law enforcement officer,” per the outlet.
Born to Jewish parents in Dnipro, Iermolaiev made his fortune in property as the founder of commercial construction firm Alef.
In 2019, he renounced his Ukrainian citizenship and moved to Cyprus, blaming his home country's tax laws.
However, he has remained active in Ukrainian public life and previously said he had donated to the Ukrainian Armed Forces following Russia's full-scale invasion in 2022.
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.”
An image purporting to show Anastasiia Berezovska (Interpol)[Missing Credit]