PARIS: French carmaker Renault’s RCI Banque division said on Monday it had agreed the sale of its Russian leasing subsidiary to Insight Investment Group LLC, as major Western companies depart in the wake of Moscow’s invasion of Ukraine.

“This divestment represents the final step in the withdrawal of RCI Banque SA from the Russian Federation, in line with the decision made by the Renault Group in 2022. Details of the agreement are not subject to disclosure,” the company said.