There is a strong push in the United States to cripple the project with sanctions and prevent its completion, out of fear that it will give Moscow a dangerous grip on the energy supplies of US allies in Europe.
The latest step is part of a wider array of sanctions the White House plans to announce on Thursday to make Russia pay a price for "malign" actions such as election interference, cyber-hacking, the use of chemical weapons and reports that it offered Taliban militants bounties to kill US soldiers in Afghanistan.
Finance Minister Anton Siluanov on Tuesday said Russia may cut its planned borrowing this year due to better-than-expected budget revenues and could be able to keep the state's debt to gross domestic product ratio at no more than 20% over three years.
The consensus forecast of 20 analysts and economists polled in late February suggested the central bank would hold its benchmark rate at 4.25% throughout 2021. Forecasts for the year-end ranged from 4.0% to 5.5%.
Analysts forecast inflation would rise to 5.3% in the first quarter of 2021 before gradually slowing below the 4% target to 3.8% by the end of the year.
In annual terms, January data was dragged down by lower oil and gas production which also resulted in weaker oil products output, along with some other factors, the statistics service, or Rosstat, said.
The main factor behind the monthly fall in January industrial output was lower manufacturing activity, namely food stock production such as flour, spaghetti, rice and sunflower oil.