This is not a matter of throwing a switch: reducing dependence on SWIFT has been a priority for Russia for a while now but it's been nearly a year since the EU parliament said this disconnection should be a consequence of invasion and these systems still do not offer many counterparties. This disconnection means a painful period of adjustment for Russia.

Cf. https://carnegiemoscow.org/commentary/84634

Fine anyone doing business with Russia or Russians in euros or dollars. Fine any financial firm caught in any way connected to SPFS.

Not sure why you are getting downvoted. Can anyone with more familiarity with these systems chime in whether this is not true?

See my other reply. It's true that disconnection is a boost for these systems, but Russia is in for a whole lot of pain regardless; there's no "only" about this step.

Good point. Poor wording on my part. Of course it will be painful. Here "only" has another meaning - it reflects that it will be a big blow to the global SWIFT dominance.

I guess I feel like Russia strategic choices being against Russian interests generally but being for the interests of a handful of oligarchs is pretty on brand.

Got it; Thanks!

And what's the chance Putin has a massive interest in SPFS. Almost certainly, IMO.