The European Union has agreed in principle to major new sanctions against Muammar Gaddafi's regime, targeting both individuals and economic entities, diplomats said today.

An EU diplomat who asked not to be named said 11 Gaddafi associates and nine economic entities were being targeted under the latest sanctions, expected to be formally adopted Monday by foreign ministers from the 27-nation bloc before being enforced some time next week.

Sources refused to identify the companies or individuals targeted.

This will be the third wave of restrictive EU measures slapped against Gaddafi amid increasing pressure on the Libyan leader to step down.

A fourth series of sanctions will also be discussed next week in Brussels, a diplomat said.

A week ago, multi-billion-dollar EU sanctions came into force, targeting five state vehicles holding billions in assets and investments said to be under the Gaddafi family's control.

Among them was the Libyan Investment Authority -- also known as the Libyan Arab Foreign Investment Company -- which is the overseas vehicle for investing Tripoli's oil revenues and is a potential source of funding for the regime.

Others were the Central Bank of Libya, the Libya Africa Investment Portfolio, the Libyan Foreign Bank, the Libyan Housing and Infrastructure Board, and an Austrian citizen, Mustafa Zarti, alleged to be closely associated with the Tripoli regime.

The first series of EU sanctions were an asset freeze and travel ban against 26 individuals deemed responsible for violent crackdowns on Libya's civilians.

They included Gaddafi as well as his seven sons and his daughter, along with his wife Safia al-Barassi.