This shit might dangerously soon be enough for Putin to just say "yolo". Also, insane how the entire world is quickly responding to Russia, while noone gave a shit about the US killing literally millions of people. Or the Saudis killing more innocent people right this moment than Russia is. And they will be allowed to continue to do so. It looks like the US hegemony is getting only stronger, not weaker, no matter what it does.
SWIFT exclusion is a weapon that only fires once.
They might circumvent that with their own system. But taking away their $600bn is painful. And it makes the entire concept of holding foreign reserves meaningless, since the US can just take them away when you need them anyway.
The USD share of global reserve currencies has been slowly declining over the past few years. It still holds a super-majority there, but these sort of moves will only accelerate its fall while increasing the share of China's RMB.
This may end of being the sort of move that is extremely powerful in the short term, but ends up creating an even greater blowback for US economic hegemony.
:blowback: a fine american tradion
The US and blowback for their own stupid actions, name a more iconic duo
It will weaken the US as global reserve but also force the US to seek other strategies.
Those strategies will also be horrible.