Teammate Lewis Hamilton was promoted to first place, securing his second victory of the season after his win at the British Grand Prix earlier this month.
Russell's car was weighed after the race and found to be at the minimum weight (798 kilograms), but after fuel was drained from the Mercedes, it was found to be 1.5kg underweight.
The matter was referred to the stewards, who determined Russell's car be disqualified.
"Car 63 was weighed on the FIA inside and outside scales with both scales showing the same result of 796.5kg," a stewards' statement said. "The calibration of both scales was confirmed and witnessed by the competitor.
"During the hearing the team representative confirmed that the measurement is correct and that all required procedures were performed correctly. The team also acknowledged that there were no mitigating circumstances and that it was a genuine error by the team.
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