He plans to kill Tony Stark because Tony's father Howard Stark exiled Ivan's father who helped Howard Stark design the arc reactor. He doesn't want to kill Stark so that he can take his place, he wants to kill him for revenge. Therefore Vanko builds a suit with electrical whips attached to its arms to take down Stark when he least expects it. He attacks Stark with this in Monaco while Stark is driving a racing car. Stark dons the MK V suit and takes down Vanko. Vanko is imprisoned after this event. Justin Hammer sees this event and breaks Vanko out of jail so that Vanko would build Iron Man suits for him. Vanko builds drones instead and uses them to destroy Stark rather then help Hammer. Stark takes down the drones and Vanko. Vanko sets his suit to self-destruct to take down Stark. He is killed by the explosion but Stark survives.