Without access to SWIFT, Russia and its financial institutions would be effectively cut off from most international business transactions
No, not true.
It would make doing international business more difficult, as banks need to be contacted 1:1 for correspondent status.
Putin has his own system. So, kicking them out of swift will swiftly be followed by States that will sign up with Russia' s alternative for doing business. That would create a rival system. Not good. So, no swift divorcees.
...Russia could care less, they already transact outside of SWIFT and don't use the Petrodollar.
Without access to SWIFT, Russia and its financial institutions would be effectively cut off from most international business transactions
No, not true.
It would make doing international business more difficult, as banks need to be contacted 1:1 for correspondent status.
Putin has his own system. So, kicking them out of swift will swiftly be followed by States that will sign up with Russia' s alternative for doing business. That would create a rival system. Not good. So, no swift divorcees.
Additional links:
https://twitter.com/nypost/status/1496910569567358981
https://www.russia-briefing.com/news/spfs-russia-s-alternative-to-swift.html
They've got their own SWIFT type system as a backup I've heard, if they aren't already using it.