The FIA tweaked the International Sporting Code ahead of this weekend’s F1 United States Grand Prix, notably quadrupling the maximum fine that a steward is authorised to dish out to a driver, from €250,000.
This regulation had not changed in 12 years but F1 drivers have met the amendment with fury.
Mercedes driver and GPDA director Russell said: "I think it's pretty ridiculous that a driver could be fined €1m.
"In my first year of Formula 1 I was on a five-figure salary. I actually lost over six figures in that first year from paying for my trainer, paying for flights, paying for an assistant.
“That's probably the case for 25 percent 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, [then] you fine them €1m. What's going to happen?"
Russell revealed that the F1 drivers plan to debate this issue at the Friday evening drivers’ briefing.
"For sure. There's no doubt about it,” he said.
"We just want transparency and understanding. Already the fines are getting out of control.
“Max Verstappen being fined €50,000 for touching a car. Lewis Hamilton being fined €50,000.
"It feels like these numbers are being plucked out of the air!
“When there's a lot of great global issues going on and so much poverty around the world, how can a federation can just make up these six-figure, seven-figure fines?
"We've requested before from the FIA to hear where these fines are going toward, what causes they are going to.
“It needs to be reinvested into grassroots. But so far we've had no response on where that's going.
"If they truly believe a €1m fine is worthwhile and it's going to be reinvested into the sport, then maybe one of the drivers who's being paid a lot is happy to pay that fine. But it seems obscene."