Footage appeared to show the jockey striking Kings Dolly at a practice flight before the Flynn Hotel Group Mares Handicap Hurdle on August 18.
The incident was fully investigated and a referrals committee issued the rider with a caution at a disciplinary hearing on Saturday.
Russell argued that he wanted the horse to concentrate and that it was inappropriate to use the whip under the circumstances.
But the rider's actions have been heavily criticised in many quarters, including by the RSPCA, who argued that Russell deserved a stiffer penalty.
The Turf Club has now announced a second hearing, "to be held in due course", to decide whether or not to take retrospective action against the Gold Cup-winning jockey.
A statement issued by the Turf Club read: "Following an internal review of the penalty imposed by the referrals committee on Davy Russell for a breach of Rule 272(i) as a result of an incident prior to the start of the Flynn Hotel Group Mares Handicap Hurdle at Tramore on August 18, 2017, the registrar of the INHS (Irish National Hunt Steeplechase) committee, using his powers under Rule 27(i), has asked the appeals body to review the sanction imposed on Davy Russell on the grounds that it was unduly lenient."