A sanction concerning restrictions on availability of US currency could hurt the US certainly, but would be far more crippling upon Russia.
Short term yes, but long term it will simply lower the use of the USD, increase the use of the RMB.
For Russia, maybe the cryptorubble ?
https://www.investopedia.com/terms/c/cryptoruble.asp
China is already trading with Russia and Iran in RMB, probably also with the Belt and Road countries.
Your idea is typical of US hegemony, who want to decide for others what is best for them...
Block Russia out of the SWIFT system, and you will see Putin's response...
Don't forget Russia is a major exporter of gas and oil to Europe. Of course our Yankee friends dont care if oil and gas prices go crazy, and cripple Europe's economy. In fact they would like that, so that there also they could "control".
Sanctions and tariffs are the worst solutions. See how it worked out when the US tried that with China.
I am very disappointed by Biden (and most Europeans are IMO), he is barely better than Trump in the geopolitical field.
Just non stop adding oil on the fire, threatening and dramatizing.