(CNN) – Wearing a wig and what looked like a well-tailored Russian suit, Jimmy Fallon went into character as Russian President Vladimir Putin Wednesday on "The Tonight Show" and made a call to another participant in the skit: Sarah Palin.
"Hello, Miss Palin, it's me, Vladimir," he says.
The former Alaska governor and 2008 GOP vice presidential nominee responds: "Vladimir? What are you doing calling me?"
"Putin" says he wants to know if it was true that Palin predicted a Russian invasion of Ukraine in 2008.
After she replies with her often-used catch phrase "You betcha, Vlad" the faux-Putin jokes that he once invaded a country called "You-Betcha-Vlad."
He asks her which country he should invade next, but she issues him a warning instead: "Get those troops out of Ukraine right now."
Putin calls her "Captain Buzz Kill," before adding that he could have used her "predicting powers" in his "office March Madness pool."
"My bracket's totally busted," he added. "How's your bracket doing?"
Palin thanks him for asking: "Bracket's good. You know, he's going to be six this month. Yeah. And Bracket just went out with Track and Jacket, and he shot his first bear."
The joke was a reference to the uncommon names of Palin's children: Track, Trig, Piper, Willow and Bristol.
"I come from strong genes" the fake Putin says with a thick Russian accent. "President Obama, he come from mom jeans."
Towards the end of the skit, Fallon as Putin signals that he has to hang up because he needs to go pick up vodka from the store. But he laments, saying he wishes he had a neighbor who could pick some up for him.
"Well, actually," Palin says smiling, "Alaska's not that far from Russia. Hold on a second."
She gets up and walks across the split-screen to hand him a bottle. (Palin famously said in a 2008 interview that Alaska's proximity to Russia helped boost her foreign policy experience.)
"Actually Alaska really is close to Russia," Putin says. "Maybe I should invade."
"I wouldn't if I were you, Vlad," Palin responds. "You may be able to take down a bear, but you're no match for a mama grizzly."