The draft resolution demands that the Houthis "immediately and unconditionally" end all violence and withdraw their forces from the capital Sanaa.
In light of the current unrest in Yemen, the United Nations Security Council is set to vote on a resolution to blacklist the son of Yemen's former president, Ahmed Saleh and Houthi leader, Abdulmalik al-Houthi.
The council will also impose an arms embargo on the rebels who rule most of the country.
Al Jazeera reports that the draft resolution demands that the Houthis "immediately and unconditionally" end all violence and withdraw their forces from the capital Sanaa and other areas they have seized since September 2014.
It also demands that the rebel group give up all arms and missiles seized from military and security facilities, stop acting like a government, and release the defence minister and all political prisoners.
Furthermore, the resolution would also impose a global asset freeze and travel ban on Saleh, whose father, former President Ali Abdullah Saleh, and two other senior Houthi leaders, Abd al-Khaliq al-Huthi and Abdullah Yahya al Hakim, were blacklisted by the Security Council in November.
Yemeni soldiers loyal to the former president are fighting alongside the Houthis, who have failed to recognise the government of current president, President Abd-Rabbu Mansour Hadi.
It is however unclear how Russia would vote on the resolution, drafted by council member Jordan and Gulf Arab states, as the country had earlier unsuccessfully suggested during negotiations that the immediate ceasefire and arms embargo include President Hadi's government.
Meanwhile, over 600 people (mostly civilians) have so far been killed in the conflict which has seen a coalition of countries led by Saudi Arabia and including the United States, launch air strikes on Shian Houthi rebels in locations across Yemen.