Russia is leading a UN Security Council initiative to ratchet up pressure on countries to cut off the cash flow to Islamic State militants, Russia and council diplomats said on Wednesday. 

The announcement comes after the 15-nation Security Council condemned Islamic State's burning alive of a captive Jordanian pilot. 

Moscow is drafting a legally binding resolution on the subject. 

"We are preparing (the resolution) and we hope it'll be adopted by the UN Security Council in the coming days," a spokesman for Russia's United Nations mission said.