Not really. SWIFT is just helps to make transaction fast. There are alternatives that include Russian and Chinese systems. And you can always use phone, fax, etc.

Disconnecting Russia from SWIFT will a) create short term hiccup in transaction clearing, b) reduce SWIFT revenues c) force Russia to switch oil/gas contracts to rouble or yuan. This in the long run is not good for euro as a reserve currency and will hurt petrodollar.

>checks

Unbelievable that this is how americans regularly use money

Payment by check is really not that common in US retail commerce.

2021 numbers from the Fed indicate 2% of in-person payments are via check, and I suspect that skews very heavily toward older customers.

For comparison: 34% debit card, 31% credit card, 28% cash, 4% "other".

https://www.frbsf.org/cash/publications/fed-notes/2021/may/2...

France is heavily using them heavily too. Some people even pay their groceries with cheques.