Ruutu, 31, has five goals and 11 assists this season, his seventh with the Hurricanes.
Hurricanes general manager Jim Rutherford took to Twitter, thanking Ruutu shortly after the trade was announced.
Tuomo was a good player for the Hurricanes and we thank him for his contributions to our organization over the past seven years.
- Jim Rutherford (@HurricanesGM) March 5, 2014
The 23-year-old Loktionov has four goals and eight assists this season. Carolina also acquired a conditional third-round pick in the 2017 draft.