This does not even take into account that cutting Russia off of SWIFT doesn't even prevent Russian banks from servicing transactions to/from local merchants, so it is useless as a crippling tactic. Ironically, it would make it harder for Russians to buy and sell crypto with cards and wire transfers.
I had read this threat long before this invasion was actually carried out. Basically, Putin has already taken a big step in this war. Of course, the risks and impacts are definitely considered by him. Regarding Russia's termination in Swift, it is not a crucial issue that can directly cripple their economy. Putin has also frequently conducted bilateral communications regarding the mitigation of solutions to the world's dependence on SWIFT. In fact, the invasion of Ukraine by Russia was indeed the act of playing against the US side itself. Russia will not interfere as long as it is not disturbed, the Ukrainian government is too leaning towards NATO just because there is business of Joe Biden's son in their country. This is the impact, all only people who suffer.