 It would later be adopted by the European Communities

In 1956, the Egyptian government under Gamal Abdel Nasser nationalised the Suez canal and closing it to Israeli traffic, sparking the Suez Crisis.This was in response to the withdrawal of funding for the Aswan Dam by the UK and United States due to Egypt's ties to the Soviet Union.The canal was owned by the UK and French investors and had been a neutral zone under British control.