UNITED NATIONS (Reuters) - Arab nations have submitted a draft resolution to the UN Security Council condemning Israeli settlements in the West Bank, but a vote on it is not expected any time soon because of a likely US veto, diplomats said Wednesday. The point of the resolution, diplomats say, is to highlight Washingtons isolated position on the Security Council, show the Palestinian population that the Palestinian Authority is taking action, and to pressure Israel and the United States on the settlement issue. Council diplomats said privately that the 15-nation panel was unlikely to take any action on the draft resolution in the near future - if at all - because of the likely veto. It has nearly 120 co-sponsors, exclusively Arab and other non-aligned nations. UN diplomats said that the draft would probably receive 14 votes in favour and the one veto if put to an immediate vote. The draft uses language that the so-called Quartet of Middle East peace negotiators - the United States, Russia, the European Union and the United Nations - have used in previous statements on settlements. It says that Israeli settlements established in the Palestinian Territory occupied since 1967, including East Jerusalem, are illegal and constitute a major obstacle to the achievement of a just, lasting and comprehensive peace. Diplomats said Washington had attempted to persuade the Palestinian Authority not to go ahead with the resolution because the administration of President Barack Obama would find it awkward to veto a resolution that it generally agreed with. Palestinian Prime Minister Riyad al-Malki told Palestinian radio Wednesday that he has not given up hope that the United States can be brought on board. We are still in need of time to convince the Americans to vote in favour of the resolution or to abstain, he said. Therefore the expectations of the Arab foreign ministers is that this draft resolution will not be voted on before the Quartet meeting at the ministerial level. US Deputy Ambassador Rosemary DiCarlo made clear that Washingtons position on the settlements issue - that it should be resolved in direct peace talks between Israel and the Palestinians - had not changed. Meanwhile, a Palestinian official said Wednesday that Arab states are failing to help the Palestinians in Jerusalem and criticised them for paying only a fraction of funds pledged to sustain Palestinian life there. Foreign Minister Riad Malkis comments reflected the Palestinians frustration over the Arab failure to support them in the face of what they see as an Israeli campaign to Judaize Jerusalem, the city at the heart of the Middle East conflict. Palestinian Prime Minister Salam Fayyad, addressing an Arab economic summit in Egypt Wednesday, said the city faced a bitter reality and urged the leaders to implement their previous resolutions on supporting Jerusalem. We are looking to you, brothers, to stand alongside Jerusalem, he said. Malki, in an interview with the official Palestinian news agency WAFA, said the Palestinians had so far received only $37 million of $500 million pledged by Arab leaders at a summit in Libya in 2010.