So what is an investor to do? Start by forgetting Ukraine's natural gas pipeline to Europe: The effects of the conflict will more likely play out in the world grain markets.
First, the gas worries, which may be little more than hot air. Yes, the European Union does import a lot of gas from Russia, but less than previously. At year-end the total was around 9 billion cubic feet a day down from close to 14 billion at the beginning of 2011, according to estimates from the Energy Policy Research Foundation.
On top of that the fighting won't likely impact the pipelines because they aren't in the same region of the country, says Max Pyziur, senior advisor at the foundation.
"As for whether Russia will turn off the gas, I don't think it can afford to at the moment," says Dr. Tracey German, Russian expert at the Defence Studies Department of Kings College London. "It needs to maintain regular sources of income."
Of course, none of that means that Russia will cease its belligerence, just that the gas won't be turned off anytime soon.
The real action is much more likely to play out in the corn and wheat markets, where prices may rally globally if the country suffers a continued currency crisis. Here's how it works.