Russell underwent an MRI on Saturday that confirmed the injuries. He will be re-evaluated in one week.
The No. 2 overall pick in the 2015 draft, Russell went down awkwardly after apparently stepping on teammate Julius Randle's foot early in the first quarter of Friday's 108-96 win over the Indiana Pacers.
Russell remained down, clutching his right knee, while being surrounded by teammates and the Lakers' head athletic trainer. He left the game with 10:48 remaining in the first quarter and walked to the bench under his own power. He then went to the Lakers' locker room, where he received further examination.
Russell said afterward that he experienced "just a little pain" and that he felt he would be all right.
"I don't think it's as bad as I initially thought," coach Luke Walton said after Friday's game. "I saw him go down and I was pretty worried for him, but he said he feels all right when I checked on him at halftime. I'll get more of an update tonight and then even more so tomorrow."
Russell is averaging 14.3 points, 4.4 assists and 3.7 rebounds per game but had recorded only a turnover when he exited against the Pacers.
In late November and part of December, Russell missed 12 games -- including 11 straight -- with what the Lakers said was a sore left knee.
Nick Young also suffered a hyperextended left knee in the first half Friday but returned.
"It's just more a scare than anything," Young said. "My adrenaline was going, and I just felt like I had to get back out there. It's a little sore, but this win made it feel much better."
Young added of Russell: "D-Lo obviously is a major factor on this team. We are going to miss him, but we have to keep pushing, keep going and see what happens."
Also on the injury front,Larry Nance Jr. has been cleared to practice and play limited minutes Sunday at Dallas after missing the past 16 games with a bone bruise in his left knee.
Nance suffered the injury Dec. 20 at Charlotte and has been sidelined ever since.
Lakers forward Luol Deng missed his second straight game with a sprained right wrist but told reporters before Friday's game that an MRI on his wrist came back negative and he hoped to practice Saturday and play Sunday at Dallas.