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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891836-04-000095.txt : 20040217
<SEC-HEADER>0000891836-04-000095.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040217164534
ACCESSION NUMBER:		0000891836-04-000095
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040217
EFFECTIVENESS DATE:		20040217

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:		04609507

	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>sc0044a.htm
<DESCRIPTION>SHAREHOLDER ANNOUNCEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>
Press Release
</TITLE>
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<BODY>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=5>The Central Europe and
Russia Fund, Inc. </FONT></H1>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345 Park Avenue<BR>New York,
NY 10154 </FONT></P>

<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 13, 2004 </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Shareholder: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Central Europe and Russia Fund, Inc. (the &#147;Fund&#148;) recently announced its
intention to issue to existing shareholders transferable rights to subscribe for
additional shares of the Fund&#146;s common stock, par value $0.001. The rights offering
will begin on February&nbsp;24, 2004 (the &#147;Record Date&#148;), and will be made only
by means of a prospectus, which will be mailed to shareholders of record on the Record
Date at the commencement of the offering. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Terms of the Offer </FONT></H1>

     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
          Primary Subscription Rights: The Fund proposes to offer to shareholders of
          record one transferable right for each share of common stock held on the Record
          Date. The rights entitle shareholders of record to subscribe for one share of
          common stock for every three rights held. Record Date shareholders issued fewer
          than three rights are entitled to subscribe for one share of common stock
          pursuant to the primary subscription. </FONT></P>

     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
          Over-Subscription Privilege: The over-subscription privilege permits
          shareholders of record on the Record Date who have exercised in full their
          primary subscription rights to subscribe for shares that were not otherwise
          subscribed for in the primary subscription, subject to certain limitations and
          pro rata allocation. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Subscription Price </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscription price per share will be 90% of the lower of (i)&nbsp;the average of the last
reported sale prices of a share of our common stock on the NYSE on the Expiration Date and
the four preceding business days or (ii)&nbsp;the net asset value per share on the
Expiration Date. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Proposed Timetable </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Record Date for determining those shareholders eligible to participate in the rights
offering will be February&nbsp;24, 2004, and the Expiration Date is scheduled to be
March&nbsp;19, 2004 (unless extended). It is expected that subscription certificates
evidencing the right to subscribe, together with a prospectus, will be mailed to
shareholders of record promptly following the Record Date. Shareholders who hold their
shares in bank or broker name will receive the rights materials from their bank or broker.
Subscription certificates will not be mailed to the Fund&#146;s shareholders whose record
addresses are located outside of the United States. Such shareholders who are interested
in exercising their rights should contact Colbent Corporation at 781-843-1833 extension
203. </FONT></P>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
commencement of the offering will be announced through a prospectus and the public media.
Shareholders should be kept apprised of any subsequent announcements. <B>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, which may be obtained by
contacting Georgeson Shareholder Communications, Inc. An investor should carefully read
the Fund&#146;s prospectus before investing.</B> </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely, </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bruce A. Rosenblum<BR>
<I>Secretary</I> </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you have any questions regarding
the rights offering, please contact the Fund&#146;s Information Agent, Georgeson
Shareholder Communications, Inc. Shareholders can call <B>1-800-221-4215</B> and all
banks, brokers and financial intermediaries can call <B>212-440-9800</B>. </FONT></P>

</BODY>
</HTML>

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