MAFRA (Portugal). Oct 26 (Interfax) - Fears that Russian investors will buy Europe's crucial facilities are groundless, Russian President Vladimir Putin said.

"Speculations that Russians will now come with their horrible money, with some terrible investment, and buy everything, are ridiculous," Putin said at the EU-Russia summit in Mafra, Portugal, on Friday.

Russian investment in the EU is ten times lower than European investment in Russia - $3 billion against 30. "By the way, we are not crying, but only welcome this," Putin said.

The summit should discuss measures to make these indicators more balanced, he said.

"I would like to say it once again: Russian investment is private," Putin said.

Russia often hears from its foreign partners that Russia has amassed vast governmental funds and is now allegedly planning to invest them in Europe's planning, the president said.

"Indeed, Russia has vast gold reserves. According to latest estimates, they reached a new historical maximum of $445.1 billion," Putin said.

Russia's gold reserves volumes brought it closer to Japan, which ranks the second by this indicator, he said.

"But our gold reserves and the Stabilization Fund are macroeconomic policy tools: we invest this money in various financial instruments on Western markets and do not use them for investments, especially abroad," Putin said.

Russia is planning to use part of its gas and oil revenue to resolve certain problems in order not to damage macroeconomic indicators. "We are not going to invest this money abroad," the president said.

Regarding Russia's extra revenue, these is used for "the pension system and for creating development institutions in the country," Putin said.

As for Gazprom, 49% shares of this company are owned by private investors among which at least 25% are foreigners, according to Russian experts, he said.