"I can reveal that in order to plug the £64m ($113m AUD) gap in the finances - because there are no tourists at the Palaces - Royal Collection has come up with a few handy gifts for you to pass on.
The television host chimed in: "And you don't even get the hot water bottle? You just get the cover?"
Russell replied: "You don't even get the hot water bottle," before adding: "However there is something slightly cheaper... You can buy a dog bandana for £12.95."
Despite her unusual choice of items in the family gift shop, it's not the first time Her Majesty has resorted to desperate money-making ventures to cover her cash shortfall.
In July, the Royal Collection Trust launched a bespoke gin - the Queen’s favourite tipple - after suffering losses of £30million (more than $50 million AUD) due to the closure of its sites.
Within eight hours of the small-batch dry gin going on sale, it was reported royal fans had snatched up all the bottles, with Buckingham Palace announcing it had completely sold out.
According to the description, the lavish £40 ($70 AUD) gin is infused with citrus and herbal notes and is made from ingredients handpicked from the Queen’s garden at Buckingham Palace.
Following on from the success of the first batch, Her Majesty's private Sandringham estate announced it was releasing its very own gin.
"Distilled locally, our gin includes Sharon fruit, a woody tree related to ebony, also known as the Chinese Persimmon and foliage from myrtle plants," the website stated.
