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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891836-04-000052.txt : 20040206
<SEC-HEADER>0000891836-04-000052.hdr.sgml : 20040206
<ACCEPTANCE-DATETIME>20040206170634
ACCESSION NUMBER:		0000891836-04-000052
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040206
EFFECTIVENESS DATE:		20040206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-111828
		FILM NUMBER:		04575105

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2124741694

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>sc0027.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>
Press Release
</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="5">The Central Europe and
Russia Fund, Inc. </FONT> </H1>

<P ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">345 Park Avenue<BR>
New York, NY 10154 </FONT></P>

<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
The Central Europe and Russia Fund, Inc. Makes Preliminary Filing<BR>
for Rights Offering </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FOR IMMEDIATE RELEASE </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NEW
YORK, NEW YORK, January 9, 2004 &#150; The Central Europe and Russia Fund, Inc. (NYSE:
CEE)</B> announced today that it filed with the Securities and Exchange Commission a
preliminary registration statement for a rights offering to the Fund&#146;s shareholders.
The rights offering will commence only upon further approval by the Fund&#146;s Board of
Directors and remains subject to market conditions. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should the Fund&#146;s Board approve
moving forward with a rights offering, commencement of the offer will be announced via
press release and the definitive terms of the offer, including the subscription price,
will be included in the prospectus. While final terms of such an offer will depend on
market conditions at the time of commencement, the Fund is contemplating issuing
transferable rights to purchase one share for every three shares currently outstanding. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Central Europe and Russia
Fund, Inc</B>. is a non-diversified, closed-end investment company seeking long term
capital appreciation through investment primarily in equity and equity-linked securities
of issuers domiciled in Central Europe and Russia. Its shares are listed on the New York
Stock Exchange under the symbol &#147;<B>CEE</B>&#148;. Because<B> </B>the Fund is
non-diversified it can take larger positions in fewer companies, increasing its overall
risk profile. Investments in securities of foreign issuers present greater risks including
currency fluctuations and changes in political/economic conditions. Foreign securities
markets generally exhibit greater price volatility and are less liquid than the US
markets. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Before investing in the Fund,
investors should carefully consider the investment objectives, risks, and charges and
expenses of the Fund. This information can be found in the Fund&#146;s prospectus on file
with the Securities and Exchange Commission. An investor should carefully read the
Fund&#146;s prospectus before investing.</B> </FONT></P>

<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
further information please contact: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=20%>&nbsp;</TD>
     <TD WIDTH=45%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">James Beale<BR>
Investor Inquiries<BR>
(212) 326.6258 </FONT>
</TD>
     <TD WIDTH=35%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Judith Inosanto<BR>
Media Inquiries<BR>
(212) 326.6746 </FONT>
</TD>
</TR>
</TABLE>
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>This announcement is not an offer
to sell these securities and is not soliciting an offer to buy these securities in any
state where the offer or sale is not permitted. The offer will be made only by means of a
prospectus and only after the registration statement on file with the Securities and
Exchange Commission has been declared effective. The final terms of the offer may be
different from those discussed above.</B> </FONT></P>

<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><I>Effective June 24, 2003, the
fund&#146;s name and investment policies changed. The fund&#146;s former name was The
Central European Equity Fund, Inc.</I> </FONT> </P>

<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><I>Shares of closed-end funds frequently
trade at a discount to net asset value. The price of the Fund&#146;s shares is determined
by a number of factors, several of which are beyond the control of the Fund. Therefore,
the Fund cannot predict whether its shares will trade at, below or above net asset value.</I> </FONT> </P>

<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><I>Not FDIC Insured/No Guarantee/May
Lose Value.</I> </FONT> </P>

<P ALIGN="RIGHT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3" COLOR="#808080">(1/04) 27901 </FONT> </P>

</BODY>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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