[tlozo]

If you start countries off from a SWIFT then they will use or build other systems to trade in other currencies than USD and that will diminish SWIFT where the USD lives and rules. We risk starting a preference cascade away from SWIFT and the US dollar reserve currency status.

The threat of Russia building a new system to replace SWIFT is not existent.

[WMarshal]

"The threat of Russia building a new system to replace SWIFT is not existent."

My post never mentioned that I suspected the Russians would develop Swift. What about China which is backing Russia? Maybe the Swiss will do it just for the kicks. Nobody likes a monopoly and when that monopoly uses power to try and control you then you look for other options.