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Predictive intelligence company Windward has introduced the ‘Russia’ sanctions compliance solution in a bid to help its users reduce risky exposure to maritime trade.
The new solution will be incorporated into the company’s Maritime artificial intelligence (AI) platform to help users manage risks linked to ongoing sanctions against Russia.
Windward’s new solution will allow stakeholders to understand the full scope of Russian-related trade, including cargo destinations and sources, thereby helping minimise risk exposure.
The solution will also enable users to carry out business in line with evolving restrictions.
According to the company, firms and vessels flagged by the Windward database as connected to Russia will be flagged in the platform as ‘Moderate Risk’ or ‘Amber’.
Organisations will be able to use the analytics tools from the platform to analyse and flag crude oil, as well as other likely banned or sanctioned cargoes, as they are sent out of Russia and into destination countries.
Each company can configure, monitor and adjust its practices according to its business preferences and developing trade restrictions using the new solution, which is powered by the latest machine learning and behavioural analytics models.
Windward co-founder and CEO Ami Daniel said: “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.”
Russian lenders Sberbank and VTB, as well as state-owned shipping company Sovcomflot and the Russian Maritime Register of Shipping, have all been hit by sanctions.
The UK and US have already banned imports of Russian oil, gas and energy, creating a significant impact on vessels, companies and individuals.
In January, Windward partnered with Sea/ to provide a new maritime solution to help streamline compliance and due diligence procedures.