Australia - which lost 28 citizens - circulated a draft text, seen by Reuters, to the 15-member Security Council late on Saturday and diplomats, speaking on condition of anonymity, said it could be put to a vote as early as Monday.
The draft resolution "demands that those responsible for this incident be held to account and that all states cooperate fully with efforts to establish accountability."
It "condemns in the strongest terms the shooting down Malaysia Airlines flight MH17 ... resulting in the tragic loss of 298 lives" and "demands that all states and other actors in the region refrain from acts of violence directed against civilian aircraft."
The United States and other powers have said the plane was likely brought down on Thursday by a surface-to-air missile fired from rebel territory, Reuters reported.
US Ambassador to the United Nations Samantha Power said on Friday that Washington could not rule out Russian help in firing the missile.
Russian President Vladimir Putin urged the pro-Moscow rebels in eastern Ukraine to cooperate and insisted that an international investigation must not leap to conclusions. Moscow denies involvement and has pointed a finger at Kiev's military.