BOSTON -- Russian President Vladimir Putin walked off with

New England Patriots owner Robert Kraft's diamond-encrusted 2005

Super Bowl ring during a recent meeting with U.S. business

executives.

But not to worry: Kraft says the ring was a gift to Putin,

presented out of "respect and admiration."

No hobbits, just Patriots owner Robert Kraft, left, News Corp. Chairman Rupert Murdoch, and Vladimir Putin (note the precious Super Bowl bauble in the Russian president's left hand). AP Photo/Alexander Zemlianichenko

Earlier, The Boston Globe had speculated that Kraft hadn't meant

to give away the ring.

"I showed the president my most recent Super Bowl ring," Kraft

said in a statement released Wednesday. The Russian president "was

clearly taken with its uniqueness," Kraft said.

"At that point, I decided to give him the ring as a symbol of

the respect and admiration that I have for the Russian people and

the leadership of President Putin," Kraft said.

Putin met with the businessmen Saturday at Konstantinovsky

Palace near St. Petersburg, Russia. Near the end of the meeting,

Kraft took off the ring, and handed it to Putin. Putin tried it on,

put it in his pocket and left, according to Russian news reports.

According to Patriots spokesman Stacey James, the ring  which

is encrusted with 124 diamonds  has a value of "substantially

more" than the previously reported $15,000.

A senior Kremlin official, Dmitry Peskov, told The Associated

Press that Putin had given the ring to the Kremlin library where

other foreign gifts are kept.

Kraft's business interests include paper and packaging companies

and venture capital investments. He handed out Super Bowl rings to

players and coaches at his home two weeks ago.

The Patriots have won three of the last four Super Bowls.