For some added context here I'll repeat from last night that minister of finance Lindner said yesterday evening that he was not convinced that kicking Russia out of SWIFT would hurt them all that much and he thought Russia probably already has something ready to replace it.
(not saying I agree - just elaborating the government's reasoning)
The counter-argument to this rationale would be "well, if kicking Russia out of SWIFT won't hurt them all that much then why the resistance in not going through with it"?
I mean, it won't harm them. They've already got some grand alternative. So where's the harm in doing it anyhow? I mean, clearly, it would be an easy way to get political points. And yet they continue to resist.
And if you're holding it back as something you can implement as further sanctions ramp up in the face of further Russian atrocities... well, you've spent all this time and effort downplaying its utility and importance.
That doesn't add up to me.