Footage appears to show the rider striking Kings Dolly at a show obstacle before a two-mile mares' handicap hurdle.
Russell told the Irish Daily Star: "Unfortunately, the Turf Club are looking at what happened at Tramore so I cannot really go into the specifics. The situation with Kings Dolly was an ordinary enough situation and I didn't do anything out of the ordinary."
He went on: "I'm not sure everyone on social media quite understands how a thoroughbred racehorse handles at race time, but I am happy to speak to the Turf Club about this.
"I ride every horse to win, no matter what, and would never do anything to hamper its chances."
The raceday stewards missed the incident but the Turf Club has launched an investigation after becoming aware of the matter on Saturday evening.
They can take retrospective action where appropriate.
Turf Club chief executive Denis Egan said on Sunday that the Turf Club would examine what footage was available and then decide whether or not any rules have been broken.