A Ukrainian billionaire and his family are said to be in critical condition after a shrapnel-filled bomb exploded at an apartment in Monaco.

Vadim Ermolaev,who is also known as Vadym Yermolaiev,is reportedly ‘fighting for his life’,alongside his wife and teenage son,after being ‘targeted’ on Monday night.

CCTV allegedly shows a suspect dropping off bags shortly before the blast at around 10pm on Monday. The backpack was believed to have been full of nuts and bolts.

The Ukrainian billionaire has been named by multiple sources as one of the victims.

A second victim,described as a woman in her 50s or 60s,is thought to be Ermolaev’s wife,Anna,who witnesses have claimed has her ‘feet missing’ and was ‘slumped over,covered in blood’ following the blast.

The third victim,a 13-year-old boy,is thought to be one of the couple’s four children. All three are believed to have been in the building’s entrance at the time the backpack blew up.

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Start your day informed with Metro's News Updates newsletter or get Breaking News alerts the moment it happens.Ukrainian oligarch Vadim Yermolayev has been identified as one of the three injured in the Monaco explosion (Picture: X)An image of a man running away from the bomb attack has been circulated through FranceA look at the damaged window of an apartment in Monaco (Picture: Reuters)The explosion,which is understood to be ‘deliberate’,destroyed the entrance of the Cuomo Foundation,which is a self-described philanthropic organisation.It was said to have been left in a bag by a male suspect wearing a black hat,tracksuit tob,white jeans and trainers.Police said the suspect was spotted fleeing towards the border with the nearby French town of Beausoleil.It has not been declared a terrorist incident but the Mayor of Nice Eric Ciotti called it an attack.He wrote on X: ‘The attack carried out this evening is a tragedy that has hit Monaco.‘Thoughts for the victims,their families,and the people of Monaco.Three people were injuredtwo of them very seriouslyin the explosion (Picture: AFP)A police officer stands guard next to a police car after in a residential building in Monaco (Picture: AFP)‘Total support for the security forces and emergency services mobilised.’‘This is likely an attack,’ Minister of State Christophe Mirmand,said later.The explosive device likely contained bolts and shot,he added. ‘The police are currently gathering evidence.‘This is the first time in history,to my knowledge,that such an act has occurred in the Principality,‘ he added.A manhunt for the suspect has since been launched in Monaco,with police working to find the perpetrator.