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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891836-04-000104.txt : 20040218
<SEC-HEADER>0000891836-04-000104.hdr.sgml : 20040218
<ACCEPTANCE-DATETIME>20040218144600
ACCESSION NUMBER:		0000891836-04-000104
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040218
EFFECTIVENESS DATE:		20040218

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:		04612912

	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>sc0047-04.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>
Press Release
</TITLE>
</HEAD>
<BODY>

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

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

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
THE CENTRAL EUROPE AND RUSSIA FUND, INC. ANNOUNCES<BR>
CHANGE OF DATE FOR COMMENCEMENT OF RIGHTS TRADING</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, February 17, 2004 &#150; The Central Europe and Russia Fund, Inc.
(NYSE: CEE) </B>announced on Friday, February 13, 2004 that its Board of Directors has
approved the terms of a transferable rights offering of additional common stock of the
Fund and that the rights would begin trading on February 18, 2004. The NYSE is now
indicating that it expects the rights will begin trading on a when issued basis on
February 19, 2004.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<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 NYSE under
the symbol &#147;<B>CEE</B>&#148;. Because 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. 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 are beyond the control of the Fund.
Therefore, the Fund cannot predict the trading price of its shares in relation to net
asset value. </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investors should carefully
consider the investment objective, 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>

<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B>Georgeson Shareholder Communications Inc.<BR>
(800) 221.4215</B></FONT></P>

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



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=300>
<TR VALIGN=Bottom>
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>James Beale</FONT></TD>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Judith Inosanto</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investor Inquiries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Media Inquiries</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(212) 326.6258</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(212) 326.6746</FONT></TD></TR>
</TABLE>
<BR><BR>


<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">
<B><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></B> </FONT> </P>

<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1">
<B><I>Not FDIC Insured/No Guarantee/May Lose Value.</I></B> </FONT> </P>

</BODY>
</HTML>

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