not sure how much it will deter Russia. Russias has the SWIFT alternative SPFS. China has the SWIFT alternative CIPS. China imports tons of things like oil, gas, minerals .... Russia will be more than happy to sell those to China.
SWIFT is in Belgium, it's a messaging system and only Hungary (Poodle of Putin in charge) has opposed the move. Real sanctions would start with opening up every oligarch mansion in the UK to squatters. Next- all the stock market ramping up is Russian oligarch money that was sitting in traceable bank accounts. This needs to be addressed. Russia could be brought to heel with a lot of cheap tech but it's not encouraging that many Conservative MPs have taken cash from oligarchs