Production Weekly announced that Russell has been attached to direct Kings X, starring Ray Winstone and Kevin Spacey. The director also must be feeling sentimental, as he has also cast 60's icon Twiggy, who he worked with on his first American film (The Boy Friend). Kings X is currently in pre-production in the UK.
The Chris Cleverly script sounds like your typical crime fare with low-level thugs, drugs and hookers -- oh, and don't forget a pretty girl in danger. Although, it does have the added kitsch of a protagonist who has a thing for recording his life on a cell phone camera, so I would expect some fancy camera tricks on Russell's part.