The all-rounder Russell, known throughout the game as 'Dre Russ', won the T20 World Cup in 2012 and 2016, and has won 84 international caps in the format, scoring three fifties and taking 61 wickets.
The white-ball specialist, who played only one Test, has also appeared in 56 one-day internationals, taking 70 wickets. He last played in the 50-over format in 2019.
"Words cannot explain what it meant. To represent the West Indies has been one of the proudest achievements in my life," Russell said in a statement on Wednesday.
"When I was a kid, I did not expect to get to this level, but the more you start to play and get to love the sport, you realise what you can achieve.Â
"This inspired me to become better because I wanted to leave a mark in the maroon colours and become an inspiration to others."
Russell, who travels around the world competing in T20 leagues and most recently appeared in Major League Cricket in the US this month, said he wanted to finish his international career on a high.
"His hunger to perform and win for West Indies has never wavered. I wish him all the best on his next chapter, and I hope he continues to inspire generations to come," West Indies coach Daren Sammy said.
West Indies host Australia in the first T20 of the five-match series on Sunday (Monday AEST) in Kingston, with the second match next Tuesday (Wednesday AEST) being earmarked as Russell's farewell.
