* To supply equipment over 10 years
* Berlusconi says "worried" over Finmeccanica developments
* Shares up 1.2 pct, outperform market
(Adds Berlusconi quotes, background, updates shares)
MILAN/ROME, Nov 26 (Reuters) - Italian aerospace and defence group Finmeccanica has won a 10-year contract worth 1.5 billion euros ($2 billion) with Russian Railways, sending its shares higher.
Finmeccanica, Europe's seventh-biggest aerospace and defence group by market value, said on Friday it had signed a memorandum of understanding to supply technology for equipment and vehicles to Russian Railways.
"The news is very positive ... the outlook for the Russian market now is very upbeat," Banca Akros said in a note.
Shares were up 1.19 percent at 8.0 euros at 1248 GMT, while Italy's blue-chip index was down 1.43 percent.
Finmeccanica, 32.4 percent-owned by the Italian state, is under pressure in Italy because of an investigation into slush funds involving the group's unit Digint.
Neither Finmeccanica nor its Chief Executive and Chairman Pier Francesco Guarguaglini are under investigation.
"I am worried because Finmeccanica is a fantastic asset. I hope the investigations lead to nothing as I am sure they won't," Italy's Prime Minister Silvio Berlusconi said on Friday.
Finmeccanica has denied Italian news reports alleging it created slush funds, and has called as "groundless" reports on a possible resignation of Guarguaglini, whose mandate is due to expire at the annual meeting next spring.
Finmeccanica and Russian Railways signed intergovernmental co-operation agreements to jointly develop the projects.
($1 = 0.7540 euro)
(Reporting by Stephen Jewkes in Milan, Giuseppe Fonte in Rome; Writing by Antonella Ciancio, Editing by Dan Lalor and David Hulmes)