The operation took place in a wooded area outside the city of Nalchik in the Kabardino-Balkaria region, which lies within Russia's volatile North Caucuses region, the news agency AFP reported, citing the TASS news agency.
The fighters opened fire on law enforcement officials and threw grenades after they were cornered, TASS quoted a statement from Russia's national anti-terrorism committee as saying.
"They were all members of armed groups that had sworn allegiance to the international terrorist organisation ISIL," the committee said.
Islamists in the predominately Muslim North Caucuses have been flocking to join Islamic State since it declared a wilayaat, or province, in the region.
Moscow estimates that between 5,000 and 7,000 people from former Soviet countries are fighting alongside Islamic State.
Russia launched airstrikes in Syria on 30 September.
It claims they are aimed at defeating Islamic State, but critics say they also designed to protect Syrian President Bashar al Assad by targeting rebel groups which are opposed to his rule.
France is part of a US-led coalition which has been carrying out separate airstrikes against IS in Syria for over a year.
Since the Paris attacks, France has intensified its areal bombardment in Syria.
On Sunday France's defence minister said French aircraft carrier Charles de Gaulle will also be "operational" and "ready to act" from Monday.
Russian President Vladimir Putin has instructed his military to work with French forces following the Paris massacre and the downing of a Russian passenger jet which killed 224 people in Egypt, an attack which was also claimed by Islamic State.
Mr Putin is pushing for greater international co-operation in the fight against IS, despite lingering divides between Russia and the West on the future role of President Assad.
On Saturday a Russian foreign ministry spokeswoman urged Britain to co-operate with Moscow if it decides to extend its airstrikes campaign in Iraq to Syria.
Prime Minister David Cameron is launching a fresh attempt to win backing for air strikes in Syria - with George Osborne saying the Government will only want a vote when it is "confident" of winning a majority.
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