For some background to this:

An unnamed member of the  European Central Bank  Governing Council cited by Reuters says a decision to remove Russia is coming:

  • "SWIFT is just a matter of time, very short time, days," the central bank governor, who asked not to be named, said.
  • "Is it sufficient? No. Is it necessary? Absolutely. Sanctions only make sense if there are costs for both sides and this will be costly,"

Note that European Union foreign affairs ministers are meeting on Sunday. There is some potential for the SWIFT move to be announced as early as then.

Apart from this, there is a Bloomberg report this weekend saying the US is considering sanctions aimed at Russia's central bank (Bank of Russia). Bloomberg cite unnamed "people familiar with the matter" and say the target of sanctions would be much of Russia's reserves.

More at Bloomberg here (gated).

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Removal of a country from SWIFT is not unprecedented:

(Spoiler - North Korea was removed. As a further example, Iran was removed 2012-2016. )

kim North Korea

Thankfully take-away food delivery was still available.