The efforts of the maritime Powers to reach an acceptable solution of the crisis created by Egypt's nationalization of the Suez Canal in July 1956 culminated in the following resolution of the Security Council of 13 October 1956.

The Security Council,

Noting the declarations made before it and the accounts of the development of the exploratory conversations on the Suez question given by the Secretary-General of the United Nations and the Foreign Ministers of Egypt, France and the United Kingdom,

Agrees that any settlement of the Suez question should meet the following requirements:

1. there should be free and open transit through the Canal without discrimination, overt or covert this covers both political and technical aspects; the sovereignty of Egypt should be respected;

3. the operation of the Canal should be insulated from the politics of any country;

4. the manner of fixing tolls and charges should be decided by agreement between Egypt and the users;

5. a fair proportion of the dues should be allotted to development;

6. in case of disputes, unresolved affairs between the Suez Canal Company and the Egyptian Government should be settled by arbitration with suitable terms of reference and suitable provisions for the payment of sums found to be due.

Sources: The United Nations

UN Security Council Resolutions: Resolution 118