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Won't help if they sanction you and cut you off from SWIFT (or the card networks) so it just depends on the degree of the governance issues here.

Ah.. SWIFT is an international cooperative, originated in Europe and based in Brussels..

Most european banking entities already have and use SEPA.

Any alternative non US, Europe wide card network? I suppose you could use Mir, or UnionPay.

This is an issue, but one Europe is acutely aware of and working on. WERO is one strand of that.