Oladipo, who was picked by NBA coaches for his second straight All-Star Game, suffered a season-ending injury when he ruptured the quadriceps tendon in his right knee on Jan. 23. He underwent successful surgery Monday.
He was averaging a team-high 18.8 points.
Russell, who is averaging a career-high 19.6 points and 6.4 assists this season, is the Nets' first All-Star selection since the 2013-14 season, when Joe Johnson represented the team.
The 6-foot-5 guard, who is third among Eastern Conference players with a career-high 140 3-pointers this season, was picked by Silver over other candidates, including teammate Spencer Dinwiddie and Philadelphia 76ers guard Jimmy Butler.
Teams will be selected via a draft by captains Giannis Antetokounmpo and LeBron James, who were the leading vote-getters in their respective conferences. The All-Star draft is scheduled Thursday and will be broadcast on TNT.
The All-Star Game will be played on Feb. 17 in Charlotte, North Carolina (8 p.m. ET, ESPN Radio).