It is not a seal retaining nut. It is a differential bearing adjusting nut with a seal in it. The diff bearing adjustment is absolutely critical.
Is it possible to change the seal and keep the proper diff bearing adjustment? Yes. BUT, I have lost count of the number of people who have screwed it up. If you are an experienced mechanic then you can try. I’m a retired 35 year mechanic. Personally, I would take the transaxle out and do it properly.
First drive the car. Is the diff quiet? Any whining on or off throttle in fourth? If it is not quiet, then take the transaxle out as your diff needs adjusting regardless. Next pull the half shaft out of the way. Clean around the seal nut thoroughly. Mark the seal nut’s EXACT position. Carefully undo the nut while counting the number of turns until it is free. Replace the seal (and the o-ring behind the seal run). Refit the nut to the EXACT same number of turns and final position. Refit the seal run and use a piece of pipe to pop it fully home.
When everything is back together, drive the car again. Diff quiet? Excellent. Diff noisy, or noisier than it was? You $&@ up. Pull the transaxle and do it properly.
Square sealing ring or round? Doesn’t matter. I have one of each and both are dry.
The Lotus implementation of the Renault transaxle uses a bit of a mickey mouse fitting of the half-shafts. While Renaults seldom have oil leaks there, it is very common for the Europa to be at least weeping. Check and top up the oil level. Drive it and check it every week until you get a good idea of how much it is leaking. Less than half a litre a year? I’d just live with it until the transaxle comes out for some other reason.
Regardless, before every major trip, check the oil level. The number 1 killer of 5th gear is a low oil level as that is the first gear torun dry.
YMMV