(QHA) -

Russian daily newspaper Vedomosti says the bridge connecting Russia with Crimean peninsula will be built by Russian construction magnate and personal friend of Russian president Vladimir Putin, Arkady Rotenberg.

Initial plans for the bridge were made five years ago but the original plan for it to be a joint project between Ukraine and Russia has fallen apart due to the conflict between two sides.

Rotenberg has lost access to tens of millions of euros worth of property and assets in Italy after additional EU sanctions against Russia hit in September 2014.

Crimea, annexed from Ukraine in March, has no land connection to Russia.

Foreign investors have rejected their plans to built the bridge.