Yes, there are loopholes by just not using Swift, like other networks or other means of communication. Depends on the processes between the banks that need to transfer assets. But there are also the sanctions. Any non-sanctioned bank still has a clearing process which involves checks for sanctions. So unless some bank wants problems with the EU or US, they might just deny settlements, even when Swift wasn't involved.
Swift is more like a PR stunt or at least a technicality. Everyone just shouted "Swift" for days without having knowledge about it.
The Central Bank sanction is more important here. This will cause the Ruble to go down and a run on the banks. Inflation will go up. And it will be harder to stabilize RU financial markets (like the stock market).
The Central Bank sanction is more important here. This will cause the Ruble to go down and a run on the banks. Inflation will go up. And it will be harder to stabilize RU financial markets (like the stock market).