"The Sword and the Dragon" (1960) is the Americanized version of the Russian film "Ilya Murometz" (1956) released by Valiant Pictures and presented by Joseph Harris and Sig Shore. The Russian original, was directed by famed fantasy film maker and animator, Aleksandr Ptushko, and was derived from Russian folklore. It was reportedly the first Russian film made in Cinemascope and 4-channel stereo sound. The Americanized version was released to television in a pan and scan, mono-only version which nonetheless is fondly remembered by American baby boomers who saw it oft-repeated on "Million Dollar
You can stream Sword And The Dragon (1960) free and legally on OldReel, via the Internet Archive.
Yes — it is in the public domain and can be watched and shared freely.