Opinion
Opinion

The Power Behind the Photo: Why SWIFT, Not Sanctions, May Shape the Ukraine Endgame

A little-discussed institution headquartered in Belgium has become a decisive lever in the Ukraine conflict.
The Power Behind the Photo: Why SWIFT, Not Sanctions, May Shape the Ukraine Endgame
U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy pose for a picture with European leaders following a meeting in the Oval Office at the White House on Aug 18, 2025. Win McNamee/Getty Images
Tanvi Ratna
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Commentary

When European leaders gathered in the Oval Office in August—French President Emmanuel Macron, European Commission President Ursula von der Leyen, UK Prime Minister Keir Starmer, German Chancellor Friedrich Merz—the photo quickly made the rounds. President Donald Trump sat behind the Resolute Desk, flanked by figures from across the Atlantic. The posture, the optics, the framing—it appeared to confirm a familiar narrative: Washington leads, Europe follows.

Tanvi Ratna
Tanvi Ratna
Author
Tanvi Ratna is the founder of emerging tech policy think tank Policy 4.0. She was formerly on Capitol Hill in the GOP House Foreign Affairs Committee and also worked on campaign strategy for Prime Minister Modi. You can follow her work on X and Substack.