Europe should be stocking up its energy reserves without delay, even if there is no war Putin can threaten to cut energy exports.

Supposedly there's a limited timeframe (until the end of February or so) for a Russian invasion by land, because the Russians need the boggy ground to be frozen in order to drive the tanks in. But Putin could just focus on an air war for the most part.

I'm doubtful NATO will use its troops in anger, and yet it is putting forces on the border.

It is difficult to see Putin's comments accusing NATO, Ukraine etc. of provoking war as a means of persuading some countries that a Russian invasion would be justified. So that I guess that is either for domestic consumption to "justify" a war, or is part of some feint to get something from the West.