As the ongoing Russia-Ukraine conflict intensifies, rising oil prices amid Western sanctions on Russia and airspace bans continue to haunt investors. These developments could lead to higher costs for businesses and affect the operations of companies that heavily rely on the global supply chain. That’s why Canadian investors may want to add some reliable dividend stocks to their portfolios, which could help them minimize the risks arising from the geopolitical tensions. Let’s take a closer look at two such safe TSX stocks with strong dividends.

Enbridge stock

Enbridge (TSX:ENB)(NYSE:ENB) is one of the most reliable Canadian stocks with a high dividend yield. This Calgary-based energy infrastructure and transportation company is responsible for the transmission of nearly 20% of natural gas consumed in the United States. Also, its liquids pipelines account for nearly 25% of North America’s transported and exported crude oil.

At first, you may find Enbridge’s business limited to oil and gas transportation. However, it’s one of a handful of Canadian companies with over 40 sources of cash flows. Also, this Canadian energy firm has consistently been achieving its annual guidance for the last 16 years, reflecting its strength at the strategic planning level.

Another factor that makes this Canadian dividend stock very attractive is its consistent dividend growth. Its dividends have continued to grow for the last 27 years in a row. Enbridge faced difficulties due to a sudden slump in energy demand, which crashed crude oil prices. Despite these challenges, the company continued to increase its dividend in 2020.

At the time of writing, this top TSX dividend stock trades with 14.2% year-to-date gains and has an attractive dividend yield of around 6.1%. These factors make ENB one of the best stocks to minimize the risks to your portfolio amid the ongoing Russia-Ukraine war.

TD Bank stock

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) could be another reliable Canadian dividend stock to buy amid the escalating geopolitical tensions. Its stock is currently trading at $101.49 per share with about 3.7% year-to-date gains after rallying by nearly 35% last year. TD stock currently has an annual dividend yield of about 3.5%.

Earlier today, TD Bank announced its results for the first quarter of the fiscal year 2022. During the January quarter, the bank’s total revenue rose by 4.3% from a year ago to $11.3 billion with the help of strengthening client activity and volumes in its Canadian retail segment and strong recovery in the U.S. retail segment. Its latest top-line numbers also exceeded analysts’ estimates of around $10.8 billion. TD Bank’s Q1 stayed earnings of $2.08 per share reflected a 13.7% year-over-year increase and beat Street’s expectations. I expect consistently rising economic activities to continue improving its financial growth trend in the coming quarters and help this dividend stock inch up.

TD Bank’s increasing focus on diversifying and scaling its financial services business, along with its strong balance sheet, makes it one of the best banking sector stocks to buy. In the last few years, the Canadian bank’s dividend per share has seen strong growth, making it even more attractive for income investors.

The post 2 TSX Dividend Stocks to Minimize Risks Amid the Russia-Ukraine Crisis appeared first on The Motley Fool Canada.

More reading

• 3 of the Best TSX Stocks to Buy in March 2022
• Why I Sold My Stake in Enbridge Stock
• 4 Reliable Dividend Stocks to Buy in March
• New Investors: 3 Dividend Stocks to Buy and Hold Forever
• 2 TFSA and 2 RRSP Stocks to Keep Till Retirement

The Motley Fool recommends Enbridge. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.