https://www.19fortyfive.com/2022/02/how-to-make-russia-pay-over-ukraine-deploy-every-financial-weapon-possible/
How to Make Russia Pay – When asked, after his speech on Thursday, why the United States and its allies weren’t then kicking Russia completely out of SWIFT, the global banking communications system, over its invasion of Ukraine, President Biden said, “[It] is always an option. But right now, that’s not the position that the rest of Europe wishes to take.”
Removing Russia from SWIFT – the Society for Worldwide Interbank Financial Telecommunication – is considered a “financial nuclear weapon,” the most severe sanction that the West could take. Since SWIFT is the “cans and the strings by which banks communicate to settle trades and transfers,” in the words of Marshall Billingslea, a former assistant Treasury secretary for terrorist financing,” removing Russia would cut off its banks from more than 11,000 banks in more than 200 countries.
By late Saturday, the West had partly triggered the SWIFT option; the United States, European Union, Britain, France, Germany, Italy, and Canada announced that they would remove “selected” Russian banks from the global system.