Russian gas producer Gazprom Tuesday announced robust first quarter profits based on stronger European sales.

Gazprom's first quarter profits for the period between January and March of this year rose 42 percent.

The profits represent an increase of more than $16 billion, beating analyst predictions.

Gazprom is Russia's leading gas producer accounting for more than 14 percent of the world's natural gas production.

Russian President Dmitry Medvedev is a former Gazprom chairman of the board.