As I understand it .... The U.S. is hesitant to block Russia from SWIFT, in part because doing so could push the global economy away from the U.S. dollar. I assume that does run the risk of SWIFT ceasing to be seen as a neutral banking network and an instrument of foreign policy. An issue which has already risen due to Iran sanctions.
China just announced that it will be upping its wheat and other grain imports from Russia, along with the already planned increase in gas, oil, and coal imports from Russia. Which will probably help to mitigate some sanctions the west imposes. I’m not sure that anything that the west would be willing to impose would actually hurt the Russians that badly in the face of something like that.