The council is set to vote on the resolution at 3 p.m. on Tuesday (5:00 a.m. Korean time on Wednesday), said an official at the South Korean mission to the U.N., adding that a draft resolution was circulated among council members.
The official also said Russia and 14 other members of the council endorse the text, a move that suggest that the council can unanimously adopt the resolution.
Russia had put a last-minute hold on it, saying it needs time to review the proposed resolution that was worked out between the United States and China.
Winning Russian support is a must for the resolution's adoption as Moscow is one of the five permanent veto-wielding members of the council. The four other council members -- the U.S., China, Britain and France -- endorsed the text.
The draft resolution requires U.N. member countries to inspect all cargo going in and out of North Korea. It also bans the North's exports of coal, iron and other mineral resources, a key source of hard currency that accounts for nearly half of the country's total exports.