The SWIFT system could be used in a sanction against Russia with the country being removed from the financial system. What is SWIFT and what effect would this have?

Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system ...

The bank-to-bank transfer using the SWIFT system was symbolically important, indicating the war-torn country was reintegrating into the global financial community.