The Briton produced a superb late effort in Q3 to split the Ferraris at the Marina Bay circuit, beating Charles Leclerc by 0.007s to line up second behind polesitter Carlos Sainz.
Ferrari headed all three practice sessions and qualifying on a weekend that Red Bull has struggled for balance with its RB19, putting its 100% win record in 2023 in jeopardy by missing out on Q3 with both cars.
However, Russell believes Mercedes is in a good position to challenge for a first win of the season due to the team's tyre strategy.
Speaking after qualifying, Russell remarked that he is "really happy with this weekend as a whole" and feels "really confident in the car".
"The team did a great job with the strategy," he said.
"We're on an offset strategy compared to everybody else. We've got an extra set of medium tyres tomorrow, which nobody around us has.
"So to get to Q3 and be on the front row with a strategic advantage tomorrow is exciting place to be."
Source: Autosport