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Vladimir Putin's invasion could be brought to a grinding halt if the international community bind together and totally exclude Russia from the SWIFT banking system.

Sanctions can be a vital weapon in itself when used effectively.

The notion of soft power in such form has proven its worth against Iran, which since President Donald Trump withdrew from the Iran Nuclear Deal, also known as the JCPOA, has seen tough sanctions and the removal of SWIFT imposed on Tehran.

Since happening, the value of the Iranian currency, the Rial, has collapsed eight-fold versus the US dollar.

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The immediate effect is felt on the streets, in the shops and in trading posts of Iran.

With prices reaching almost ten times the value of five years ago, the Iranian economy has felt the full brunt of the measures.

Although the Russian economy is larger than Iran's, the impact could be much the same.

However, some nations are concerned about removing Russia fully from the SWIFT banking system for fear of retribution.

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With Russia well known for cyber-activity, there are fears Russian hackers could take revenge on SWIFT.

A Whitehall source said: "There are a lot of consequences of pushing the Russians off a financial system that would mean them potentially building their own.

"What behaviour and actions are precipitated by removing them from it."