The southerners had never won the league before the 2020 'bubble' competition.
Kevin Durant has reportedly told Nets management to choose between him or Kiwi general manager Sean Marks and coach Steve Nash.
The 41-year-old hasn't played in the domestic league in over two decades.
Russell was the anchor of a team that won 11 championships, as well as the league's first black coach.
The victory has secured New Zealand's highest-ever finish at the tournament.
New Zealand will face Jordan in the bronze medal match on Sunday night.
Flynn Cameron starred again for New Zealand with a stunning final quarter performance.
"Being respectful and humble costs nothing, and goes a long way."
New Zealand will play Korea for a place in the final four.