European natural gas prices bounced back on Tuesday as the market appeared torn between steadily increasing liquefied natural gas (LNG) imports and the possibility of further disruptions to Russian supplies. 

Russia cut off natural gas exports to Poland and Bulgaria for the countries’ refusal to comply with the Kremlin’s decree requiring European buyers to change how they pay for gas deliveries. The new method would ultimately allow Russia to convert payments from euros and dollars into rubles to help prop up the country’s currency.

More payments are coming due this month amid a lack of clarity on how to handle Russia’s demand. European Union (EU) Energy Commissioner Kadri Simson said this week that the payment method violates sanctions against Russia, but further...