Scarlet Sails (1961)

Scarlet Sails is a 1961 Soviet film produced by Mosfilm and directed by Alexandr Ptushko. It is based on Alexander Grin's 1923 adventure novel of the same name and stars Vasily Lanovoy and Anastasiya Vertinskaya. The story is a romantic fantasy and is described as a "fairy tale", though it contains no overtly supernatural elements.

More at Wikipedia.