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.
Your team is going to want to recapture the feeling. What they're going to have to figure out is they're going to have to rewrite the story. Because you're going to rewrite the story doesn't mean you want a different end. It's just that you're going to have to learn that there's different challenges to get there, and if you're going to try and tap the same feeling, it ain't going to happen.
— Los Angeles Kings general manager Dean Lombardi on maintaining their success from last season