"The agreement enables mutual visa-free travel for Russian and Montenegrin residents who hold valid foreign passports for up to 30 days," the Russian Foreign Ministry said in a statement.
Those who have temporary or permanent residence permits in Russia or Montenegro will also be able travel without visas, but will be unaffected by the 30-day time limit.
Diplomats or citizens making short business trips will be able to stay for 90 days visa-free in either country.
However, Russians and Montenegrins seeking employment or education will have to obtain a visa, the Foreign Ministry said.
In the Balkans, Russia also enjoys visa-free travel regime with Croatia, Serbia and Macedonia.