Both Mercedes drivers made a late pitstop for medium Pirelli tyres as they sought to challenge eventual race winner Carlos Sainz and Lando Norris on their aging hards.
But as Russell sat on the rear of the second-placed McLaren on the 62nd and final lap, Norris clipped the outside wall heading into Turn 10.
The chasing Russell did similar, only he made much heavier contact to damage his W14 and then spear head-first into the barriers.
That dramatic shunt promoted team-mate Lewis Hamilton to third while Russell, who started second and might have challenged for victory, was classified in 16th place.
"In the moment, you just want to curl up in a ball and be with nobody," said Russell. "It is the most horrendous feeling in the world when you are so physically drained, mentally drained.
"We missed out on an opportunity for victory and then to make such a mistake, it is truly heart-breaking."
Despite the major error, Russell reckoned that upon reflection, he was now delivering the best performances of his F1 career.
Source: Autosport