RIO DE JANEIRO, May 20 (RIA Novosti) - Brazil and Russia are preparing a bilateral agreement on allowing visa-free travel for tourists and businessmen, a Brazilian diplomatic source told RIA Novosti on Tuesday.

"During the talks in April in the Brazilian capital, Russian and Brazilian diplomats agreed on a final version of the document, which is being studied by legal experts at present," a source in the Brazilian Foreign Ministry said.

The draft agreement stipulates simplified customs and passport control procedures. Entry visas will not be required for tourists or businessmen travelling between the two countries.

"The agreement may be signed in the near future," the source said.

The agreement, if signed, will become effective only after its ratification by the National Congress of Brazil. The procedure may take as long as a year and a half, the diplomat said.