Russian President Vladimir Putin spoke on Thursday at the Valdai Discussion Club, in the Russian city of Sochi. He spoke in Russian, and his words are translated by Reuters.

Here are some of the main quotes:

ON 'HYSTERIA' AMONG EUROPE'S LEADERS:

"The ruling elites of united Europe continue to whip up hysteria. It turns out that war with the Russians is practically on the doorstep. They repeat this nonsense, this mantra, over and over again. ... They can't believe what they're saying, that Russia is going to attack NATO? ... They're either incredibly incompetent if they truly believe it, because it's impossible to believe this nonsense, or they're simply dishonest."

ON RUSSIA'S RESPONSE TO EUROPEAN MILITARY BUILDUP:

"We simply cannot ignore what is happening. We have no right to do so for reasons of our own security. I repeat, our defense and safety. Therefore, we are closely monitoring the escalating militarization of Europe."

"Are these just empty words, or is it time for us to take countermeasures? ... Germany, for example, says that the German army should be the most powerful in Europe. Good. We listen carefully, understanding what is meant."

"I think no one doubts that such measures will force Russia to act, and Russia's countermeasures will not be long in coming. It seems (to me) that the response to these threats will be, to put it mildly, very convincing."