Tina Fey's "I can see Russia from my house!" joke will never get old.
Fallon set up the nearly five-minute bit by reminding viewers that earlier this week, U.S. president Barack Obama had a phone conversation with Putin to discuss the situation in Ukraine. "Not many people know this, but right after he talked to Obama, Putin made another phone call, this time to someone who actually predicted his invasion of Ukraine back in 2008," the 39-year-old comedian said. "This is amazing—we actually got footage of that conversation...It's actually amazing."
Cue a split screen of Fallon, dressed as the foreign head of state, and Palin, who played herself. Here's a transcript of their conversation:
Palin: Hey, this is Sarah.
Putin: Hello, Miss Palin? It's me, Vladimir.
Palin: Putin, what you doin' calling me?
Putin: Well, I heard that back in 2008 you predicted that I would invade Ukraine. Is this true?
Palin: You betcha, Vlad.
Putin: Youbetchavlad. I once invaded a country called Youbetchavlad. Anyway, since you so great at guessing my next move, who do you think I should invade next? I'm thinking Finland, Sweden—I heard Jamaica is nice this time of year.
Palin: My advice to you would be, you get those troops out of Ukraine right now.
Putin: Whoa, hey! Captain Buzzkill. It was joke. But seriously, I could have used your predicting powers in office March Madness pool—my bracket's totally busted. How's your bracket doing?
Palin: Oh, thanks for asking! Bracket's good. You know, he's going to be 6 this month! And Bracket just wen out with Track and Jacket, and he shot his first bear!
Putin: Interesting. You shoot bear? I prefer hand-to-hand combat.
Palin: That's why people say you're such a strong leader.
Putin: Well, I come from strong genes. President Obama, he come from mom genes.
Palin: Did anyone tell you you sound like that guy from Despicable Me?
Putin: No, but I did just learn how to play that song "Happy" by big tall hat man on Russian balalaika. Listen to this! "Because I'm happy...Because I'm happy..." Flute solo! I love that song. It makes me happy.
Palin: I know! Me too! I've got a smile on my face right now.
Putin: Me too. Wait, wait—I hear breathing on other end of phone.
Palin: That's weird. I hear it, too.
Putin: Maybe it's NSA spying on us.
[Cue the Obama impersonator.]
Putin: Anyway, I should go. I need to pick up more vodka from store. If only I had neighbor who could bring me new bottle.
Palin: Well, actually Alaska's not that far from Russia. Hold on a second, okay? Hold on.
Putin: Alaska really is close to Russia. Maybe I should invade!
Palin: I wouldn't if I were you, Vlad. You may be able to take down a bear, but you're no match for a Mama Grizzly.
(E! and The Tonight Show are both part of the NBCUniversal family.)