Russell made four appearances in the competition, but was not involved in the dramatic five-run defeat by New Zealand in Manchester on Saturday.
Top order batsman Sunil Ambris, who impressed with a sparkling 148 off 126 balls in an ODI win over Ireland last month, has been drafted as a replacement in the 15-man squad.
West Indies, who currently sit eighth in the standings, need three wins from their final three matches to remain in contention for a semi-final spot.
Jason Holder's side next face India at Old Trafford on Thursday.
(Reporting by Hardik Vyas in Bengaluru; Editing by Christian Radnedge)