Pats owner Robert Kraft told the crowd at the Medal of Excellence ceremony in New York about the incident.
He says it happened in 2005 just after New England had beaten the Philadelphia Eagles in the Super Bowl.
The New York Post reports Kraft’s recounting of the story went like this.
"I took out the ring and showed it to him and he put it on and he goes, 'I can kill someone with this ring.'"
Kraft went on “I put out my hand out and he put it in his pocket, and three KGB guys got around him and walked out."
Back in ’05 Kraft took the high road and said he gave Putin the ring as a gift due to the respect he had for the leader and his people.
But now he says he would like the ring, which is worth $25,000 back.
To top it off, Kraft says the White House has given him a call and said "it would really be in the best interest of US-Russian relations if you meant to give the ring as a present."
As of now the ring remains in Russia at the Kremlin library.