Nice one, thanks! Is the Chinese system used in parallel to SWIFT? The Chinese economy is obviously much bigger than 0.5% of the world's, so assume that the vast majority of China (including the government?) use SWIFT. Therefore, what's the purpose of CIPS? China's attempt to have a competing system?
My point being, up until now there's been relatively little pressure and will for Russia/China/etc move from SWIFT (understandable, from what you've said and from what I've read in the last 30 mins). But an event like this could see a large impetus from Russia and China to force CIPS to become a major player. E.g. China mandates that all companies in China must use CIPS as the primary method - as they're not banned from SWIFT it means that they'll still be doing business worldwide, but could force those 11k banks that use SWIFT to also adopt CIPS. I've probably missed something fundamental there, but that's how I imagine it works?
Basically, I can kind of see why some countries wouldn't want to boot Russia out of SWIFT as it could have seriously significant long term consequences. Obviously Germany et al. don't want to write off the debt Russian entities owe them, too...