Explained: What does expelling Russian banks from the SWIFT system mean?

In the most recent set of sanctions against Russia, the United States and European Union have decided to remove a number of Russian banks from SWIFT.

March 02, 2022 by Peoples Dispatch

In the most recent set of sanctions against Russia, the United States and European Union have decided to remove a number of Russian banks from SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a secure global messaging network used by banks for making international transactions. What are the implications of this move?