Midfielder Mogilevets survived the cut the first time around as the squad was trimmed from 30 to 24, but he has now become the final player to be axed ahead of the tournament, which starts next in 10 days' time.
The 21-year-old will still travel to Brazil as a standby player in case of injury to another member of the squad.
Capello's squad is made up entirely of players from the Russian Premier League, with captain Roman Shirokov included despite missing both of their warm-up games due to an Achilles tendon injury.
The party features six players from Dinamo Moscow, while five from Russian champions CSKA Moscow have been included.
Russia have been drawn in Group H, which also contains South Korea, Belgium and Algeria, for their first appearance at the World Cup finals since 2002.
Capello's men start their campaign against South Korea in Cuiaba on June 17.
Squad in full:
Goalkeepers: Igor Akinfeev (CSKA Moscow), Yuri Lodygin (Zenit), Sergei Ryzhikov (Rubin Kazan)
Defenders: Vasili Berezutski (CSKA Moscow), Vladimir Granat (Dynamo Moscow), Sergei Ignashevich (CSKA Moscow), Dmitri Kombarov (Spartak Moscow), Alexei Kozlov (Dynamo Moscow), Georgi Schennikov (CSKA Moscow), Andrei Semenov (Terek Grozny), Andrey Yeshchenko (Anzhi Makhachkala)
Midfielders: Igor Denisov (Dynamo Moscow), Alan Dzagoev (CSKA Moscow), Viktor Fayzulin (Zenit), Denis Glushakov (Spartak Moscow), Oleg Shatov (Zenit), Roman Shirokov (Krasnodar), Yuri Zhirkov (Dynamo Moscow)
Forwards: Aleksei Ionov (Dynamo Moscow) Maxim Kanunnikov (Amkar Perm), Aleksandr Kerzhakov (Zenit), Aleksandr Kokorin (Dynamo Moscow), Aleksandr Samedov (Lokomotiv Moscow)
