A cursed ring. Identify initially described it as a ring of water walking. When worn, any contact with a sizable body of water causes water elementals to rise from that water and attack the wearer.

When it was removed by Zoran?, the high priest of Stribog? at the temple on the Isle of Berezan, he informed the party of the following:

The ring once belonged to Aros?, high priest of Aegir?. In the days before Ragnarok, he journeyed to the Realm of the Deep?, for a personal audience with his god. Aros? was given this ring by a powerful servant of Aegir?, an elemental noble named Rahtihi?. The ring was cursed; one presumes that Rahtihi? was not happy with Aros? for some reason. After Ragnarok, Aros? went into self-imposed exile. He eventually died, of natural causes, but somehow the ring was lost... until the PCs found it.

According to Zoran?, the ring helps whoever carries it to enter the Realm of the Deep? (in some way; he was not entirely specific).

Sven currently carries, but does not wear, the ring.