KIEV, July 1 - Ukraine will resume imports of Russian natural gas after Russia lowers its gas price to “reasonable” and “economically justified” level, Energy and Coal Industry Minister Volodymyr Demchyshyn said Wednesday.

Ukraine suspended importing Russian gas on Wednesday after talks with Russia on Tuesday in Vienna had collapsed.

“The formula for setting gas prices, suggested by the Russian party, is neither reasonable nor economically justified,” Demchyshyn said in a statement. “We were offered a price that is higher than European gas price.”