Could anyone comment on why cutting Russia(n banks) from SWIFT would matter, given they have SPFS anyway?
It is clear SPFS is far from being a completely compatible SWIFT alternative. But it still seems like Russia laid a reasonable groundwork for a “post-SWIFT era” and would not really care about what the media seems to consider the strongest possible sanction against it.
[1] https://en.m.wikipedia.org/wiki/SPFS
+ Swift is cheap vs. Other options and the currency is stable.