(QHA) -

Chinese companies may participate in the construction of a transportation corridor to Crimea via the Black Sea’s Kerch Strait, the Russian Kommersant newspaper reported Monday.

State-run China Railway Construction Corporation (CRCC) and the private investment fund China International Fund Ltd. (CIF) will participate in the Kremlin-backed project, say Russian media reports.

Financial and construction models are due in July. The Russian Ministry of Transportation is currently preparing a memorandum on the construction and the final plans will be revealed later this month.

The project envisages either a bridge to carry rail and road traffic, or for part of the route to pass through a subterranean tunnel.

The total project cost is estimated at 45.4 billion rubles ($1.27 billion), with China being the first foreign investor in Crimea since its accession to Russia.