Such equality will not be reflected in their pay packets yet, but Russell is adamant he is joining the Silver Arrows to race for wins, saying he has "high aspirations" ahead of his close-season switch from Williams.
The 23-year-old will follow Valtteri Bottas in partnering Hamilton in the Mercedes ranks, after the Finn took over the drive from Nico Rosberg.
The rivalry between Hamilton and Rosberg was at times a fraught one, which has been the case between many great drivers in motorsport history.
But Russell says that for the sake of Mercedes making progress, it is essential the drivers start on a positive and respectful note, which is where he believes they are at present.
Speaking ahead of this weekend's Italian Grand Prix, where he will be driving for Williams, Russell addressed the importance of avoiding friction in a team.
"Yes, I think Mercedes have had clear experience of a sort of poor dynamic within the team and they've made it absolutely clear that they don't want a repeat and I think, on a personal level as well, I don't want that either," Russell said.
"I think it’s important for team-mates to work together, to push the team, and… next year, it's a new car, new regulations, there's no guarantees who is going to have the fastest car so it's our job as drivers to push that forward and I'd say as well, Lewis and I are at very different stages of our career, which I think also helps.
"And I have huge respect for him; being so much younger and looking up to him as a young karting driver changes that dynamic a lot. I don't see there being any issues at all."
It’s official. Next year, I’ll be a Mercedes F1 driver. This is a special day for me and I want to say a huge thank you to @WilliamsRacing, @MercedesAMGF1 and everyone who has supported me in getting to where I am today. I couldn’t have done it without every single one of you. 💙 pic.twitter.com/MmGA1vr9mR— George Russell (@GeorgeRussell63) September 7, 2021
Russell, quoted on the official F1® website, signalled that he saw his role at Mercedes not as being the second driver, deferential to the established leader, but as somebody who would receive equal treatment.
He said: “[I'm] definitely going in on level terms and that was made very clear to me.
"I think Mercedes have always been respectful in that regard, giving both the drivers the best opportunity, and obviously, naturally I believe in myself, and I have high aspirations, but equally I know how tough it's going to be.
"I think Lewis and I have got a really great relationship, we're at different stages of our careers, and we've got one goal next year which is to develop the car, push it forward and make sure that we, as two drivers, give ourselves the best chance of having the fastest race car and the only way we're going to do that is by working together to develop that."
The Monza weekend features a sprint race on Saturday to determine grid placings, rather than the familiar qualifying session, and Hamilton will again be going in search of a 100th grand prix victory on Sunday.
He has surprisingly won just one of the last nine grands prix, and the 36-year-old has been deposed again from top spot in the drivers' championship by Max Verstappen.
Next season, perhaps Russell will also be part of the title picture. Hamilton is relishing the arrival of his younger British compatriot.
"I think new fresh blood in our team is going to be great, obviously, because I'm the oldie there!" Hamilton said.
"I think that definitely will energise the whole team, knowing they have a new youngster coming through who's super-hungry, driven and will be pushing the team forwards."