Removing Russia from SWIFT means, that it is nearly impossible to make transactions outside of the country. It means instant shock for Russian companies in the country and around the world. For example, Sberbank has now limited operations only to payments by card – it is impossible to withdraw the money from ATM in some countries.

Sanction already caused rouble to fall to historical minimums. Estimates are, that Russian economy could shrink for at least 5% because of it. But not only Russia will feel the consequences, as US and European banks are the most frequent SWIFT users in connection with Russian companies.

Performance of pair American dollar vs. Russian rouble in 5-year period. (Source: Trading Economics)