The ongoing conflict between Russia and Ukraine obviously has the world tuned in to what is going on, and for good reason. But how should investors view the current situation? According to our analysts, investors need to pay attention to the commodity aspect of Russia's economy. Exports of things like oil and natural gas account for over 60% of total exports, and Europe is one of the major purchasers of Russia's natural gas. 

Because situations similar to this could place pressure on U.S. allies, applications for LNG exportation could be looked at in a much more expedited fashion. First up would be VERESEN's (TSX: VSN) Jordan Cove Energy Project, followed by Oregon LNG -- a subsidiary of Leucadia National Corporation (NYSE:JEF) -- and third in line is Cheniere Energy (NYSEMKT:LNG) seeking its third approval. In all likelihood, Russia has done these companies a favor. For more thoughts, click on our short video below.

Warren Buffett's bottom-up strategy keeps him optimistic despite Russia

This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.