Russian gas stocks like Gazprom, Lukoil and Rosneft are very attractive at current valuations, but only for investors ready to make a risky play, James Bevan, chief investment officer at CCLA Investment Management, told CNBC Friday.

"This is the right moment for people who have adequate risk appetite to look again at Russian companies because the valuations (are) extraordinarily compelling," Bevan told "Worldwide Exchange."

Conflict between Russia and Georgia, a decline in oil prices and a public dispute with UK oil major BP all undermined investors' confidence in the region and dented stock prices across the board, he said. (Watch Bevan's interview above for his views on the US economy).

Investors are indicating that they need a bigger risk premium if they are going to enter into the Russian market at all, Bevan noted.

Bevan stressed that that the fundamentals remain strong.

UralKali, a Russian fertilizer company, is also on Bevan's radar, with good growth potential, strong fundamentals, but undervalued in the current market.

Russia Takes Aim at US Chickens >>>

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