However, he stressed that this mandate should be "renewed" to correct the "systemic flaws" affecting the work of the current investigative mission.
It would mark the tenth time that Moscow has used its veto power at the council to block action targeting its ally Syria.
Russia's decision to veto the resolution provoked an angry reaction from the U.S. envoy to the UN, Nikki Haley.
Rycroft said after the veto that Russian Federation has "failed as a supposed supporter of peace in Syria". Russia's draft received four votes in favor, seven against with four abstentions. It was later re-submitted but failed to garner nine "yes" votes.
The result of Thursday's vote on the USA draft resolution would mean that the Joint Investigative Mechanism, known as the JIM, will cease operations when its current mandate expires at midnight Thursday.
Russian Federation has vetoed nine resolutions on Syria since the conflict started in 2011, including blocking an initial United States bid on October 24 to renew the JIM, saying it wanted to wait for the release two days later of the inquiry's report that blamed a sarin gas attack on the Syrian government.
The attack on April 4 triggered global outrage as images of dying children were shown worldwide, prompting the United States to launch missile strikes on a Syrian air base a few days later.
Britain's United Nations ambassador told reporters Tuesday that it's extremely important that everyone who uses chemical weapons in Syria or elsewhere is held accountable, and the JIM is crucial in determining responsibility.More news: Another Liberal Senator backs alternative same sex marriage bill
A Syrian man collects samples from the site of a suspected toxic gas attack in Khan Sheikhoun, in Syria's northwestern Idlib province, on April 5, 2017.
On Tuesday, Russian ambassador Vassily Nebenzia told reporters that the two superpowers were still negotiating.
"In effect Russian Federation accepts the use of chemical weapons in Syria".
Russian presidential spokesman Dmitry Peskov said that they are talking about the countries that are the guarantors of the Syrian peace process.
"Let there be no doubt: we have unleashed a monster here", said Delattre.
The mandate for the joint inquiry by the United Nations and the Organization for the Prohibition of Chemical Weapons (OPCW), which found the Syrian government used the banned nerve agent sarin in an April 4 attack, expires at midnight Thursday.
Previous reports by the JIM have found that Syrian government forces were responsible for chlorine attacks on three villages in 2014 and 2015.