Sergei Lavrov called the Iran Six draft "a very simple resolution, which will confirm all previous Security Council decisions and urge Iran to comply with them."
He said the document, drawn up at a meeting of the foreign ministers of China, France, Russia, the United States, the U.K. and Germany, will be adopted "very soon."
British Foreign Secretary David Miliband said consultations on the draft would be held later on Friday, and Russian UN envoy Vitaly Churkin said the council could vote on the draft on Saturday.
The UN Security Council previously passed three rounds of relatively mild sanctions against Iran over its nuclear program. The four Western powers in the Iran Six have called for tougher sanctions, but Russia and China, which hold Security Council vetoes, have resisted harsher measures.
The foreign ministers' talks took place despite tensions between the U.S. and Russia over the recent Georgia conflict. The talks had been scheduled for Thursday, but were postponed over the dispute.
The International Atomic Energy Agency, the UN nuclear watchdog, said on Monday it had not been able to make substantial progress on clarifying whether Iran's nuclear program has military goals.
Iran says its nuclear program is aimed purely at electricity production, and has pledged to continue uranium enrichment regardless of international sanctions.
At a meeting with UN Secretary General Ban Ki-moon in New York on Tuesday, Iranian President Mahmoud Ahmadinejad dismissed U.S. accusations that Tehran was striving to develop nuclear weapons.