The Finn had been due to line up in 14th place after his Ferrari broke down in the second phase of Saturday's qualifying.
He is set to start 16th once penalties imposed on others are taken into account.
Four other drivers have penalties, including McLaren duo Fernando Alonso and Jenson Button who are sure to start on the back row after collecting a combined drop of 105 places -- on a grid of just 20 slots.
"We should have a cake or something – I think it is a world record," commented Alonso on his 55-place drop.
Toro Rosso's Belgian-born Dutch 17-year-old Max Verstappen qualified 18th but has a 10 place drop for an engine change while Lotus's Romain Grosjean slides five places to ninth for a gearbox change.
Raikkonen's penalty means there is an impossible and meaningless total of 125 grid drop places for the race, 11th round of 19.
Under new rules introduced in July, the maximum effective sanction is to go to the back of the grid. Previously, drivers would have faced additional time penalties during the race.
(Reporting by Alan Baldwin, editing by Amlan Chakraborty)
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