The teams announced the deal on Wednesday, an hour before the NHL trading deadline expired.
Ruutu had five goals and 11 assists in 57 games this season. The 31-year-old was also a team-worst minus 19. The native of Finland has 138 goals and 186 assists in 606 career games over 10 seasons with Chicago and Carolina.
Loktionov had four goals and eight assists in 48 games. He was acquired from Los Angeles in 2013.