Verstappen was demoted from fifth down to 10th as a result, while his two rivals for the title - Oscar Piastri and Lando Norris - finished first and second respectively.
Ferrari's Charles Leclerc claimed his third podium of the season by coming home in third, while Russell himself managed to finish up in fourth while his Mercedes team-mate had to retire with a power unit issue.
Here is the full final classification for the Spanish Grand Prix, with Verstappen's penalty and the resulting promotions for other drivers confirmed by the FIA.
*Max Verstappen was handed a 10-second time penalty for causing a collision with Mercedes' George Russell.
*Oliver Bearman was handed a 10-second time penalty for leaving the track and gaining a lasting advantage.
Only 19 cars started the race in Spain, with Lance Stroll absent despite taking part in qualifying having felt wrist and hand pain throughout the weekend.
Fastest lap points have been banished for 2025. Since 2019, drivers have picked up an extra point if they finish in the top 10 and achieve the fastest lap.
However, it did lead to some drivers abandoning their races to pit and fit a set of new tyres at the end in order to claim the fastest lap point, or to stop a rival from getting the extra point.
The most famous example of this in 2024 came during Daniel Ricciardo's final F1 race, when the Australian finished last but claimed the fastest lap on the final lap of the Singapore GP, taking the extra point away from Lando Norris and helping Max Verstappen's title bid.