It looks like Israel is without friends. With Donald Trump and the GOP moving to shut down the UN’s funding, Israel may have to move into the arms of Putin, something that’s causing anguish for Obama.
A Russian veto might create expectations of pro-Russia reciprocation from the incoming Trump administration in some form. It might also weaken Israel’s long-term position in the region. But it would also prevent a sudden, destabilizing shift in the Israeli-Palestinian conflict, at least for the moment. The price to be paid might only become clear later.
Russia didn’t do it yet, but they can do procedural road-blocks to annoy the outgoing President’s signature UN move.