Mild Seven has sponsored Renault, and its previous incarnation as Benetton Formula 1, for the last 13 years, but will bow out before the start of the 2007 F1 season, when ING takes over.
ING and Renault F1 have signed an initial three-year agreement, as part of which the financial services firm's branding will appear on Renault F1 cars, as well as off-track.
The EU Tobacco Advertising Directive came into force last summer, but F1 teams were allowed to honour existing contracts with tobacco sponsors, such as Renault's deal with Mild Seven.
Flavio Briatore, Renault F1 Team's managing director, said: "We would like to take the opportunity to thank Mild Seven for their unstinting support during the past 13 seasons. Their loyalty and dedication stand as examples for corporate involvement throughout Formula 1.
"They entered the sport as winners, with world championship victory as Benetton's title sponsor in 1994 and 1995. After last year's dramatic double championship win with Renault, we are working flat out to ensure they can leave the sport in the same way."
Renault's Fernando Alonso is set be crowned F1 World Champion at this weekend's Brazilian Grand Prix. The Spaniard needs to score just one point to take the crown, while challenger Michael Schumacher needs to win with Alonso finishing outside the points.
By the start of the 2007 season, Ferrari will be the sole team with a tobacco firm, Marlboro, as its principal sponsor.
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