The Suez Crisis began when Egyptian President Gamal Abdel Nasser nationalized the Suez Canal, which had been owned largely by British and French shareholders. In response, Israel, Britain, and France launched a coordinated military attack on Egypt to regain control of the canal and remove Nasser from power. While the military operation was successful, it was a political disaster. The United States and the Soviet Union both condemned the invasion, and U.S. President Eisenhower threatened the British economy with sanctions if they did not withdraw. The crisis forced the invaders to retreat, signaling the definitive end of Britain and France's status as global 'superpowers' and the rise of the U.S. and USSR as the dominant arbiters of world affairs. It also vastly increased Nasser's prestige in the Arab world.