Russian President Dmitry Medvedev and his U.S. counterpart Barack Obama announced plans on Thursday to liberalize visa restrictions for businessmen and tourists travelling between the two countries.

The plan intended to simplify travel between the two countries was announced in a joint statement at the G8 summit in Deauville.

"We have instructed our officials to concentrate on visa liberalization on a reciprocal basis for the largest segments of our traveling nationals," the statement said.

Under the new agreement, eligible business travelers and tourists would be issued with visas valid for 36 months at a unified and reciprocal fee. Government officials would also be eligible to receive 12-month multi-entry visas.

Russian Prime Minister Vladimir Putin proposed scrapping visa restrictions between the two countries altogether during a meeting with U.S. Vice President Joe Biden in Moscow in March.

DEAUVILLE, May 26 (RIA Novosti)