Russia's gas giant Gazprom on Wednesday reported its net profits in 2014 plunged sevenfold over the previous year, weighed down by economic sanctions and the devaluation of the ruble.

The company -- which was the most profitable in the world just a few years ago -- reported 159 billion rubles in net profits last year ($3 billion, 2.8 billion euros) compared to 1.14 trillion rubles ($21.8 billion, 20 billion euros at the current exchange rate) in 2013, according to Gazprom's annual report published Wednesday.