Actually this item is even more broken that it looks like. First of all when you equip it you get hit by effect called Bloodpower. So basically you can get yourself killed just by equipping it over and over lol and get hit by 800 each time you do it.
Second if you die from effect on this item you will have to die twice cause you'll get hit by Bloodpower when you revive so you get twice armor damage/xp debt just for having this item equipped...
Here's logs info:
(1192778232)[Fri Oct 19 11

12 2007] YOUR Vampiric Requiem hits YOURSELF for 265 magic damage.
(1192778232)[Fri Oct 19 11

12 2007] You stop fighting.
(1192778232)[Fri Oct 19 11

12 2007] The Quicksand binding A blood gorger disappears.
(1192778232)[Fri Oct 19 11

12 2007] The fiery sphere around A blood gorger vanishes.
(1192778232)[Fri Oct 19 11

12 2007] A blood gorger begins to warm up.
(1192778232)[Fri Oct 19 11

12 2007] You have killed yourself.
(1192778232)[Fri Oct 19 11

12 2007] A blood gorger is pierced by Dust Blast!
(1192778232)[Fri Oct 19 11

12 2007] This encounter will no longer give encounter rewards.
(1192778236)[Fri Oct 19 11

16 2007] Reviving in Loping Plains at Somborn Cemetery.
(1192778236)[Fri Oct 19 11

16 2007] YOUR Bloodpower hits YOURSELF for 915 magic damage.
(1192778236)[Fri Oct 19 11

16 2007] You have killed yourself.
(1192778236)[Fri Oct 19 11

16 2007] You regain consciousness!
(1192778236)[Fri Oct 19 11

16 2007] YOU are drained by Revived Sickness of 6336 points of power.
Pretty funny how devs let such items go live without even testing it good

Hope it will get fixed. Already petitioned it and aoe multiple self hit too.