That's not to say he won't sell if it's a good deal.
Last summer saw a number of players leave so hopefully Malky Mackay will not be stripped of his squad in January.
"I am not forced to sell anyone, I am not in a forced position," Russo told the Watford Observer.
"If an offer comes in and it is good for the club and we have an adequate replacement lined up, then I will go to Malky and say this is what we have got.
"But I cannot just take his best players away and give him nothing. Somebody would have to come in."
Despite the claims, Russo does accept that the club may have to sell in January if it helps ensure the survival of the club.
"The priority is always the survival of the club so maybe players will be sold," he added.
"Anything can happen. If the deal is what is best for the club and will help its survival then we have to do what is best for the club."