Kraft explained the incident happened while Sandy Weill and other business execs were in St. Petersburg. “I took out the ring and showed it to [Putin], and he put it on and he goes, ‘I can kill someone with this ring,’ ” Kraft told the crowd at Carnegie Hall’s Medal of Excellence gala at the Waldorf-Astoria.“I put my hand out and he put it in his pocket, and three KGB guys got around him and walked out.”

Kraft really wanted the 4.94-carat bauble back, he said Thursday, admitting he’d gotten a call from the George W. Bush-run White House, saying, “‘It would really be in the best interest of US-Soviet relations if you meant to give the ring as a present.” (In fact the Soviet Union had collapsed 14 years earlier.)

But, Kraft said, “I really didn’t [want to]. I had an emotional tie to the ring, it has my name on it. I don’t want to see it on eBay. There was a pause on the other end of the line, and the voice repeated, ‘It would really be in the best interest if you meant to give the ring as a present.’ ” The ring is now reportedly kept in the Kremlin library.