Excluding the country from the SWIFT financial-messaging system will make it harder for them to collect payments on their loans. With the rouble so low, these are already less viable. Direct hit will be manageable: at $121bn, the stock of foreign bank loans to Russian firms and households has shrunk since 2014. But there are other costs: investment-banking units of some big lenders may suffer losses on Russian securities. And it’s not just about loans, but private banking businesses may be whacked by sanctions on Russian oligarchs. And if sanctions ratchet up, the risk of a government default will grow, says Money Talks editor John Defterios. For more expert analysis of the biggest stories in economics, sign up . . .