As far as I know, people in Eastern Europe in the steppe zone, but also in parts of the forest belt
had a nomadic life, much more so than was the case in Western Europe, and wore jewellery of very different origins on their bodies at the same time. Often it is not even possible to find out a person's ethic affiliation at that time, and pieces of the same origin may well be spread over a large
area. It seems that a lot of jewellery was made by Volga Bulgarians, perhaps also this ring, or a local craftsman copied the
style.
In any case, it is an interesting story and does not need any "fancy claims". Such a piece may have
had magical significance, but without a written record, this all remains speculation I think.