This Reuters article argues that it is unlikely for the EU to include cutting Russia off the SWIFT system.
One of the most important reasons seems to be the financial impact on the EU lenders:
Data from the Bank of International Settlements (BIS) shows that
European lenders hold the lion's share of the nearly $30 billion in
foreign banks' exposure to Russia.
While this seems like a huge amount of money it is only a tiny fraction of what the EU is spending for the coronavirus rescue plan (1/2 trillion EUR).