Russell was sent to the sin bin for taking out opposite number Dan Biggar as he jumped to catch a high ball in the first half of the game at Murrayfield on Sunday.
"The Disciplinary Committee, having heard from the player and his representative and viewed various TV angles of the incident, determined that Finn Russell had committed an act of foul play which merited a red card rather than the on-field yellow card given by the match officials," tournament organisers said.
The committee said Russell's indiscretion was reckless rather than deliberate.
The usual three-week ban for the offence was reduced by one week because of the "absence of aggravating factors and the existence of certain mitigating factors, including the player's clear disciplinary record".
Scotland, who host Italy on Feb. 28, will appeal against the ban.
"We are disappointed by the outcome of today's discipline committee meeting, and subsequent suspension of stand-off Finn Russell," a Scottish Rugby spokesperson said.
"Following the arrival of the written sanction later this week, we intend to appeal."
(Writing by Justin Palmer, editing by Ed Osmond)
