"The proposals of the three European nations have been transmitted to the Russians, Chinese and Americans in the hope that the concerns of all parties have been taken care of," said spokesman Jean-Baptiste Mattei.
"The general philosophy of the text remains to target Iran’s nuclear and missile programmes, as well as the institutions that are running them and the individuals in charge," he said.
"We shall see how the European project is received," Mattei said, stressing the "need for caution in this matter".
If Moscow, Beijing and Washington give their agreement, the matter will return to the Security Council, he said.
World powers have been debating a draft UN resolution that would impose limited sanctions on Iran over its failure to comply with an earlier UN resolution on halting uranium enrichment.
Mattei said contacts were taking place both within the framework of the Security Council and among the six global powers — Britain, Germany, France, Russia, China and the United States.
Until now, Russia and China had considered the European proposals for trade and economic sanctions against Iran too tough, while the United States felt they did not go far enough.