Cutting some Russian banks’ access to Swift, the messaging network at the heart of global movement of money, may be a highly effective punishment for President Vladimir Putin’s invasion of Ukraine. But it will give other geopolitical rivals, especially China, an excuse to promote digital versions of their own central banks’ money in global trade and finance. That could weaken the dollar’s global clout. The pillars of US economic hegemony are Swift, Chips and its dollar. Weaponizing any one of them against Russia’s banking will convince China that it needs an alternative to that trifecta to escape the ambit of...