Russell, who will play for Rajshahi Royals in the tournament, has won the BPL title twice with two different franchises, namely Comilla Victorians (2015-16) and Dhaka Dynamites (2016-17).
Russell said he is honoured to be given the responsibility of leading the team.
"I am honoured to be given the responsibility of leading the team. Regardless, I always look at myself as a player in the heat. I have a very big role in any team I play for. It is going to be something new for me outside the Caribbean. I have led Jamaica Tallawahs before. It will be interesting and I am up for a challenge," Russell said.
Rajshahi Royals will begin their campaign from December 12, the second day of the tournament, against Dhaka Platoon.