The tripodal, tetradentate tris(1‐(diphenylphosphanyl)‐3‐methyl‐1H‐indol‐2‐yl)phosphane PP3‐ligand 1 stabilizes Ru in the RuII, RuI, and Ru0 oxidation states. The octahedral [(PP3)RuII(Cl)2] (2), distorted trigonal bipyramidal [(PP3)RuI(Cl)] (3), and trigonal bipyramidal [(PP3)Ru0(N2)] (4) complexes were isolated and characterized by single‐crystal X‐ray diffraction, NMR, EPR, IR, and ESI‐MS. Both open‐shell metalloradical RuI complex 3 and the closed‐shell Ru0 complex 4 undergo facile (net) abstraction of a Cl atom from dichloromethane, resulting in formation of the corresponding RuII and RuI complexes 2 and 3, respectively.