The 33-year-old will earn a $4 million salary in the 2020-21 season, the final year of his current contract, then be paid $1.25 million in 2021-22.
Russell has been with the Oilers since the 2016-17 campaign, when he joined as an unrestricted free agent. This past season, he played in 55 games and posted nine assists, 14 penalty minutes and an even plus-minus rating.
In total, the blueliner has appeared in 846 career NHL games over 13 seasons, which has included stints with with the Columbus Blue Jackets, St. Louis Blues, Calgary Flames, Dallas Stars and Oilers. During that time, he's recorded 236 points (46 goals, 190 assists), 259 penalty minutes and a minus-five rating. Russell has also posted 20 points (three goals, 17 assists), 24 penalty minutes and a minus-four rating in 53 career playoff games.