Britain, France and Germany have come up with a new set of proposals aimed at convincing Iran to end its nuclear enrichment program.

A preliminary draft of the proposal includes an offer to build new light water nuclear reactors in Iran - which are less likely to produce nuclear bomb making materials than heavy water reactors - along with guaranteed shipments of nuclear fuel, and a previous offer for Russia to enrich uranium for Tehran.

It also includes an offer of some type of security guarantees for the Islamic state - a proposal strongly opposed by the United States.

The draft proposal calls for a number of sanctions if Iran fails to cooperate, including an arms embargo, a travel ban on certain high-level government officials, and the freezing of financial assets.

Diplomats from the European trio, China, Russia and the United States will consider the proposal during a meeting in London on Wednesday.

Some information for this report was provided by AFP, AP and Reuters.