When you think about it, Russia would have been grossly negligent if it didn't have a system to replace SWIFT, at least domestically. That's always been a threat that's on the table.
The US expressed worries last week that kicking Russia off SWIFT would simply lead to a new system being created where they no longer had any control or surveillance. You have to imagine that a whole bunch of countries that aren't friendly with the US are now going to build a new system.
Russia said foreign counterparts can also connect to the Russian alternate system.
