Windward Launches “Russia” Sanctions Compliance Solution to Allow Users to Trade with Confidence
The new solution will be integrated into Windward’s Maritime AI platform, enabling users to easily and efficiently manage risk related to rapidly changing Russian sanction regimes
LONDON, March 14, 2022 /PRNewswire/ — Windward (LSE: WNWD), the Predictive Intelligence company applying AI to transform global maritime trade, announced today the launch of the “Russia” sanctions solution as a part of Windward’s Maritime AI platform. The solution will allow Windward users to minimize risk exposure in maritime trade as it relates to ongoing sanctions against Russia.
In response to the recent Russian invasion into Ukraine, heavy economic sanctions were imposed days prior to the invasion and have since escalated rapidly. Amongst the most prominent organizations affected are Sverbank and VTB, two of the largest Russian financial institutions, state-owned Sovcomflot, Russia’s largest maritime and freight shipping company, and the Russian Maritime Register of Shipping. Adding to these complexities, both the US and the UK have announced new bans on imports of Russian oil, gas and energy. The sanctions affect not only the vessels, companies, and individuals listed but also every other entity that is connected through complex ownership links and potentially the cargo itself.
To assist customers by minimizing their risk exposure, Windward is launching the new “Russia” sanctions solution, enabling stakeholders to understand the full scope of Russian-related trade including cargo destinations and sources, allowing them to conduct business in confidence and in accordance with new, rapidly evolving restrictions. Companies and vessels flagged by the Windward database as connected to Russia will be flagged in the platform as Moderate Risk (Amber).
The platform’s analytics tools will support organizations in analyzing and flagging crude oil and other potentially banned or sanctioned cargoes as they are exported out of Russian and into destination countries.
As the conflict evolves, every organization will be building their own risk approach and policy. Since the start of the invasion, organizations are increasingly making decisions not only for legal reasons but for ESG considerations as well, which have significant implications on a company’s reputation and customer and employee retention. Windward’s Maritime AI platform allows every company to configure, monitor and adjust their practices based on their business preferences and the evolving trade restrictions.
“Windward is committed to providing our customers with the utmost visibility during these turbulent times,” said Ami Daniel, Co-Founder & CEO of Windward. “As the fog of the conflict and increased sanctions make conducting trade even more complex, we will continuously update our platform so our customers can continue to conduct business with confidence.”
Windward’s Maritime AI solution is powered by advanced machine learning and behavioral analytics models, empowering its clients across the government, finance, shipping, energy sectors, and beyond to optimize business practices and efficiently navigate all aspects of maritime risk in real-time.
Windward offers a much-needed level of certainty and confidence to entities’ that have been impacted by the conflict. As such, Windward is offering its Maritime AI platform to new users for a period of two weeks, at no cost and without asking for any commitment.
Windward (LSE: WNWD), a publicly traded company on the London Stock Exchange, is the leading Maritime AI™ company, enabling organizations to achieve business and operational readiness. Windward’s AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, business, and the supply chain. For more information visit: https://windward.ai/.