Updated March 15, 2:42 p.m.

According to a March 8 report from Reuters, Russian-based private equity firm Insight Investment Group has acquired John Deere Financial's Russian operations.

"Insight Investment Group confirmed the acquisition of John Deere Financial LLC, a subsidiary of the U.S. company, but declined to disclose the price. It said the deal had obtained approval from a Russian government commission on the control of foreign investment," the report said.

"Our goal is to build a leasing holding which will unite leasing companies with different areas of expertise," Insight Group told Reuters. "Following this strategy, we have acquired John Deere Financial and do not exclude making other deals in this market."

In a March 7 report from Lesprom, a representative from Insight Investment Group said they were required to rename the company as part of the purchase.

A Dec. 30, 2022, report from Reuters stated foreign investors from "unfriendly" countries could be looking at selling their Russian operations for half their value or less.

In a March 14 report from ProgressiveFarmer, John Deere gave a statement on the sale which read as follows:

"Due to the business challenges, Deere significantly reduced its presence in Russia, including the sale of its financial services business in the second quarter of FY 2023. Our U.S. senior management continues to closely monitor all risks to John Deere operations in the region. John Deere acknowledged changes to our business in Russia in our 10-K and 10-Q filings this year."