Should the West prepare for war with Putin?

The saber-rattling and rhetoric between Moscow and the West have become notably more aggressive this week, prompting concerns that a direct confrontation between the two power blocs could be more likely.

In the last few days alone, for example, Russia stopped gas supplies to two European countries and has warned the West several times that the risk of a nuclear war is very “real.”

In addition, Russian President Vladimir Putin has said that any foreign intervention in Ukraine would provoke what he called a “lightning fast” response from Moscow, while his Foreign Ministry warned NATO not to test its patience.

For their part, Western officials have dismissed Russia’s “bravado” and “dangerous” nuclear war rhetoric, with the U.K. calling on Western allies to “double down” on their support for Ukraine.

CNBC asked strategists about the likelihood of a direct confrontation between Russia and the West. Here’s what they said.

Putin doubled down on the bellicose rhetoric Wednesday, threatening a “lightning fast” retaliation against any country intervening in the Ukraine war and creating what he called “strategic threats for Russia.”

He then appeared to allude to Russia’s arsenal of intercontinental ballistic missiles and nuclear weapons when he warned that Russia has the “tools” for a retaliatory response “that no one else can boast of having now … we will use them if necessary.”

But strategists told CNBC that Putin is playing on risk aversion in the West and that the chances of a nuclear war are remote.

“I think it’s outside the realm of possibility right now that there’s going to be a nuclear war or World War III that really spills over that far beyond Ukraine’s borders,” Samuel Ramani, a geopolitical analyst and associate fellow at the Royal United Services Institute, told CNBC.

“If there’s a border spillover right now, we’re still probably most likely looking at something like Moldova being vulnerable to an invasion,” he said.

He noted that Russia has a long history of using “nuclear brinkmanship” as a way of preventing the West from pursuing security policies that it doesn’t like, with the escalation in hostile rhetoric aimed at deterring NATO members from making heavy arms deliveries to Ukraine.