In the FIA's International Sporting Code, the governing body has increased the maximum fine an F1 competitor can be handed from €250,000 to one million euros.
The update was made because the maximum fine had been left untouched in the regulations for the past 12 years and according to the FIA "does not reflect the current needs of motorsport".
Mercedes driver and GPDA director Russell felt the quadrupling of the FIA's maximum fine was "ridiculous" given that drivers who are starting out in grand prix racing often earn nowhere near that amount.
"I think it's pretty ridiculous that a driver could be fined €1m," he said ahead of Austin's US Grand Prix weekend.
"In my first year of Formula 1, I was on a five-figure salary and actually lost over six figures in that first year from paying for my trainer, paying for flights, paying for an assistant. And that's probably the case for 25% of the grid.
"We're doing what we love, so we're not complaining about that. But if you take a year one driver who probably by the end of the year is losing over 100,000 because of the investments he has to make, you fine them a million. What's going to happen?"
Russell says the drivers asked the FIA for more transparency on where the money from its fines will be used.
When asked if the issue will be brought up again in Friday's drivers briefing, he replied: "For sure. There's no doubt about it.
"We just want transparency and understanding. I think already the fines are getting out of control.
Source: Autosport