  We study electron correlations and their impact on magnetic properties of bcc
vanadium by a combination of density functional and dynamical mean-field
theory. The calculated uniform magnetic susceptibility {in bcc structure} is of
Pauli type at low temperatures, while it obeys the Curie-Weiss law at higher
temperatures. Thus, we qualitatively reproduce the experimental temperature
dependence of magnetic susceptibility without introducing the martensitic phase
transition. Our results for local spin-spin correlation function and local
susceptibility reveal that the Curie-Weiss behavior appears due to partial
formation of local magnetic moments, which originate from $t_{2g}$ states and
occur due to local spin correlations caused by Hund's rule coupling. At the
same time, the fermionic quasiparticles remain well-defined, while the
formation of local moments is accompanied by a deviation from the Fermi-liquid
behavior. In particular, the self-energy of the $t_{2g}$ states shows the
non-analytic frequency dependence, which is a characteristic of the
spin-freezing behavior, while the quasiparticle damping changes approximately
linearly with temperature in the intermediate temperature range $200$--$700$~K.
By analyzing the momentum dependence of static magnetic susceptibility, we find
incommensurate magnetic correlations, which may provide a mechanism for
unconventional superconductivity at low temperatures.
