"The issue is urgent," Putin said in a statement on Friday, adding that the alternative was "only further escalation of tensions, increasing risk of conflict - such a scenario must be avoided".
French President Emmanuel Macron said he is open to taking part in the seven-way virtual summit proposed by his Russian counterpart over the Iran arms embargo.
"We confirm our availability in principle," the Elysee Palace said in a statement. "We have already taken initiatives in the same spirit in the past."
The 15-member UN Security Council on Friday voted against a US-drafted resolution to extend an arms ban on Iran.
The proposal by Putin came amid Washington’s attempts to extend the resolution. The United States suffered an embarrassing diplomatic defeat when the UNSC rejected the bid
The US has become increasingly isolated over Iran at the Security Council since President Donald Trump pulled it out of the 2015 nuclear deal between Tehran and world powers in May 2018.
Washington was not expected to receive nine votes in favor, removing the need for Russia and China to wield their vetoes which they had indicated they were prepared to do.
The embargo on conventional arms is due to expire on October 18 under the terms of a resolution that blessed the Iran nuclear deal, signed in July 2015 and officially known as the Joint Comprehensive Plan of Action (JCPOA).
The United States has threatened to try to force a return of UN sanctions if it is not extended by using a controversial technique called "snapback."