The United States and Germany have the most to lose if Russia is disconnected, because their banks are the most frequent SWIFT users to communicate with Russian banks, according to Shagina.

But the pain could be widespread. Senior Russian lawmakers have said that shipments of oil, gas and metals to Europe would stop.

“If Russia is disconnected from SWIFT, then we will not receive [foreign] currency, but buyers, European countries in the first place, will not receive our goods — oil, gas, metals and other important components,” Nikolai Zhuravlev, vice speaker of Russia’s upper house of parliament, said last week, according to state media outlet TASS.

Russia has taken steps in recent years to blunt the trauma should it be removed from SWIFT.