So Russian leaders will just switch to a not-sanction bank, and continue business as usual.<p>Similar to the confiscated vessel in France, where the sanctioned Russian bank just sold it to another not-sanctioned company a few days prior.
It's crazy how one institution SWIFT has "monopoly" in banking payment orders. Maybe something like blockchain(decentralized, distributed and transparent network) would suite banks better because they could "vote" and settle transactions in more transparent, open and democratic way. It would be kind of cool to see global banking transactions flowing in the real time and banks voting to allow or disallow each of those transactions. Also it would be interesting to see how much banks are charging to process transactions taking into account they would compete to process transactions.