The Dnipro Showdown or a Russian Connection: Who Is Behind the Bombing of Businessman Yermolayev in Monaco
An explosion occurred in Monaco, seriously injuring Ukrainian businessman Vadym Yermolayev.
Monaco’s Prime Minister Christoph Mirman officially confirmed that two adults and a child were hospitalized in Nice, classifying the incident as a suspected terrorist attack.
The incident has sparked a wave of speculation about a “bloody retaliation” by business rivals from Dnipro who are vying for control of the black markets.
The main figures linked to this case are the Mishalov family and their business partner Yuriy Karkif, known in certain circles as “the Jeweler.”
Along with Vadym Yermolayev, his longtime business partner Stanislav Vilensky was also implicated.
This duo, which operated for many years within the “Alef” group, has repeatedly come under the scrutiny of the State Bureau of Investigation (DBR) due to allegations of tax fraud involving billions and the export of nonexistent products.
Analysts point to the “Alef” group’s complicated history, including the re-registration of assets in occupied Crimea and a high-profile scandal involving the Estonian bank Versobank AS.
The latter was shut down by regulators due to widespread suspicions of money laundering involving representatives of Yanukovych’s “Family.”
Opponents from the Mishalov and Karfika clans, according to sources, are no less influential players who have focused on the counterfeit tobacco market.
Through their controlled company, “Tabako Dom,” they—according to investigators—organized the underground production of popular cigarette brands on an industrial scale.
The opponents’ shadow empire encompasses a network of warehouses in the Kyiv and Zakarpattia regions, as well as underground workshops right in the capital. The products are distributed through hundreds of illegal kiosks, control over which is attributed to Kharkiv native Kirill Mamontov, who is currently in hiding in Italy.
The situation escalated in 2023 when President Volodymyr Zelenskyy imposed personal sanctions against Yermolayev for continuing his business activities in Crimea.
The businessman himself, who had switched from Ukrainian to Cypriot citizenship back in 2019, moved to Europe after the start of the full-scale invasion.
A few days before the explosion, the situation was fueled by a post on the Russian Telegram channel “Ribal,” which issued direct threats against the businessman.
On June 25, the Russian GRU channel “Ribal” blacklisted him by publishing a report on what the channel considered to be his main — 170 fraudulent call centers in Dnipro and other cities across the country, primarily targeting Russia.
At the end of the article, while describing a Russian “Geranium” missile strike on the call center’s premises on September 30, 2025, in Dnipro, “Ribal” issued a direct threat: “The
call centers continue to operate. And no one is asking why this is happening—neither in Kyiv nor in Brussels. ... The reputation of ‘safe earnings,’ on which the entire personnel recruitment system relies, is being destroyed precisely by such intimidation campaigns, and that is why they must continue.”
The targets identified by “Rybal” typically become the focus of attacks by the Russian army or the subject of heightened scrutiny by Russian intelligence agencies within a few days.
According to our sources, Ukrainian businessman Vadym Yermolayev sustained minor injuries as a result of an explosion in a residential building in Monaco.
A large-scale operation is underway in Monaco to search for the criminal who attempted to assassinate Yermolayev.
