Russia’s invasion of Ukraine has upset the world order. It could conceivably alter the way some people think about investing, too.

At least that’s the view of two analysts with Citi, who argue that the height of social responsibility at this moment requires putting your investment money into the stocks of companies that make weapons.

“Defending the values of liberal democracies and creating a deterrent, which preserves peace and global stability,” is so important that weapons makers should be included in funds that carry an E.S.G., or “environmental, social and governance,” label, the two analysts, Charles J. Armitage and Samuel Burgess, wrote.

That labeling seems utterly bizarre for some E.S.G. investors, however.

It certainly does to Andrew Behar, the chief executive of As You Sow, an advocacy and research group that frequently files shareholder proxy proposals on E.S.G. issues.

“We don’t think that you should have any weapons systems in an E.S.G. fund,” he said. The group provides an online tool on the web site Weapon Free Funds that enables investors to screen mutual funds and exchange-traded funds on this issue.

The point of absurdity

Leslie Samuelrich, president of the Green Century Funds, which was founded by nonprofit groups, including the California Public Interest Research Group and the Citizen Lobby of New Jersey, was appalled by the notion.

“This is absurd,” she said. “It feels very opportunistic and shallow.” She added that Ukraine needed to be defended. “I’m part Ukrainian,” she said. “Of course, they need weapons.”

But she said that had nothing to do with investing in funds devoted to socially responsible investing. “Those who argue that weapons belong in a sustainable portfolio are capitalizing on the horrific attack,” she said. “Excluding military and civilian firearms has been a long-held screen by authentic responsible investors.”

Mr. Armitage and Mr. Burgess, the Citi analysts, make a vigorous counterargument. Essentially, it boils down to this: Without strong militaries capable of “defending the values of liberal democracies and creating a deterrent” against geopolitical adversaries like Russia and China, there can’t be much progress on other pressing global issues.

They acknowledge that E.S.G. investing has become a big deal in the United States and, even more so, in Europe. And they say that stocks that are identified as E.S.G. or green — those of companies with relatively low carbon emissions — are trading at a premium. They were unavailable for an interview, but in a series of research notes and in a conference call with clients since Feb. 1, they noted that with the rise of the E.S.G. movement, military contractors have fallen out of favor with many investors, particularly in Europe.

They would like that to change, in part through a technical measure: by labeling military contractors as E.S.G. compliant in the European Union’s so-called taxonomy regulations, which aim to be “a gold standard” in guiding private