The Oilers swapped defencemen with the New York Islanders on Sunday, sending Marc-Andre Bergeron to Long Island for Denis Grebeshkov.
Grebeshkov was a first-round draft pick in 2002 and has played 33 NHL games, but is spending this season with Yaroslavl Lokomotiv in the Russian league.
The 23-year-old is expected to remain in Russia this season. He'll be a restricted free agent this summer.
"We see the upside in the player we're acquiring," Oilers GM Kevin Lowe said. "We see this as a long-term upgrade."
Bergeron had spent his entire NHL career in Edmonton. He had 33 goals and 88 points in 189 games.
The Oilers and Islanders are each currently outside of the playoff picture in their respective conferences.