I’m not an expert, but as I understand it SWIFT is what makes the world tick and it isn’t easily bypassed. Equally it’s not a magic bullet either, it just makes life more difficult for Russia. Moscow hotels are getting people with international credit cards to settle bills in anticipation of them not working once the SWIFT measures kick in. All the measures are designed to make like difficult for Russia and pressure an already ailing economy. But the measures work as a package.
People are right to be disappointed with Germany and Italy putting themselves in a position of weakness with Russia over energy. But it won’t get corrected overnight, just as the City of London isn’t going to fully stop mainlining Russian money if it can help it. So, yes, there is some foot dragging and it will take more political pressure to get there, but we have gone a lot further collectively in the last few days than I ever thought we would and that is important as I see it.