It's not just dollars that are flowing via SWIFT. SWIFT is what blockchain wants to be, it's a way for banks to send and receive funds of many currencies.
SWIFT is a messaging system.
The actual transfer of funds is performed with correspondent banks, but they won't perform the transfer if the government says that they cannot have accounts opened by banks from other nations, then that's up to that government, not SWIFT.
SWIFT is being used as "shorthand" to mean that Russian banks will be cut off from the world financial environment. They will have to evade those sanctions via, for example, trading with multiple hops through China, if China allows them to.
SWIFT is a messaging system.
The actual transfer of funds is performed with correspondent banks, but they won't perform the transfer if the government says that they cannot have accounts opened by banks from other nations, then that's up to that government, not SWIFT.
SWIFT is being used as "shorthand" to mean that Russian banks will be cut off from the world financial environment. They will have to evade those sanctions via, for example, trading with multiple hops through China, if China allows them to.