On 26 July 1956, with wide Egyptian acclaim, Nasser announced the nationalization of the Suez Canal that included fair compensation for the former owners. Nasser planned on the revenues generated by the canal to help fund construction of the High Dam. When the Suez War broke out, the United Kingdom, France, and Israel seized the canal and the Sinai. But pressure from the U.S. and the USSR at the United Nations and elsewhere forced them to withdraw.