I take your point on the Normandy Format. However, I’m linking it to their biggest achievement, the Minsk Protocol, which was linked the the EU organization, OSCE, as described below:
“The Minsk Protocol is an agreement which sought to end war in the Donbas region of Ukraine. It was written in 2014 by the Trilateral Contact Group on Ukraine, consisting of Ukraine, the Russian Federation, and the Organization for Security and Co-operation in Europe (OSCE),[1][2][3] with mediation by the leaders of France and Germany in the so-called Normandy Format.”
The trolling on here is absurd, in regard to, false statements that the US/NATO will go to war in Ukraine. The only nations’s going to war would be Russia and Ukraine.
The Russians, pose this as an existential threat, but it’s is WWII style blackmail through brute force and invasion. If you are right that they are prepared to partake of this economic punishment, it is another Putin miscalculation.
The economic punishment should not be confused with sanctions. It is systemic banking and trading consequences, and that along with denial of NS2, will be transformational in a negative way for Putin.
Unfortunately, a lot of that "trolling" relies on statements by no less than POTUS and the UK PM. I can just hope that all parties (Putin, POTUS, PM and so forth) listen to president Zelinsky, and calm down.
You are correct that it looks like any economic sanctions will be more on the "systemic" front, ie SWIFT, but at least a couple of days ago it appeared that SWIFT was not going to implement any sanctions against Russian banks - though, US pressure may still force the Belgium based organization to implement santions. There are, however, competitors that may take up the slack if SWIFT is involved in a trade war.