The 54-year-old director will receive an award at the festival which will commence from June 13, reported Variety.
As guest director, Russell will host a screening of "Three Kings" including a discussion with the filmmaker about his body of work.
He will also attend the festival's 12th annual filmmaker retreat at Skywalker Ranch in Marin County.
The festival also announced several other events - actress Maya Rudolph and composer Gustavo Santaolalla will be part of its master class series.
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