<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99_cert.txt
<TEXT>
CHIEF EXECUTIVE OFFICER
FORM N-CSR CERTIFICATION UNDER SARBANES OXLEY ACT






I, Julian Sluyters, certify that:

1.            I have reviewed this report, filed on behalf of The Central Europe
              & Russia Fund, Inc., on Form N-CSR;

2.            Based on my knowledge, this report does not contain any untrue
              statement of a material fact or omit to state a material fact
              necessary to make the statements made, in light of the
              circumstances under which such statements were made, not
              misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other
              financial information included in this report, fairly present in
              all material respects the financial condition, results of
              operations, changes in net assets, and cash flows (if the
              financial statements are required to include a statement of cash
              flows) of the registrant as of, and for, the periods presented in
              this report;

4.            The registrant's other certifying officer(s) and I are responsible
              for establishing and maintaining disclosure controls and
              procedures (as defined in Rule 30a-3(c) under the Investment
              Company Act of 1940) and internal control over financial reporting
              (as defined in Rule 30a-3(d) under the Investment Company Act of
              1940) for the registrant and have:

                   (a) Designed such disclosure controls and procedures, or
                       caused such disclosure controls and procedures to be
                       designed under our supervision, to ensure that material
                       information relating to the registrant, including its
                       consolidated subsidiaries, is made known to us by others
                       within those entities, particularly during the period in
                       which this report is being prepared;

                   (b) Designed such internal control over financial reporting,
                       or caused such internal control over financial reporting
                       to be designed under our supervision, to provide
                       reasonable assurance regarding the reliability of
                       financial reporting and the preparation of financial
                       statements for external purposes in accordance with
                       generally accepted accounting principles;

                   (c) Evaluated the effectiveness of the registrant's
                       disclosure controls and procedures and presented in this
                       report our conclusions about the effectiveness of the
                       disclosure controls and procedures, as of a date within
                       90 days prior to the filing date of this report based on
                       such evaluation; and

                   (d) Disclosed in this report any change in the registrant's
                       internal control over financial reporting that occurred
                       during the registrant's most recent fiscal half-year (the
                       registrant's second fiscal half-year in the case of an
                       annual report) that has materially affected, or is
                       reasonably likely to materially affect, the registrant's
                       internal control over financial reporting; and

5.            The registrant's other certifying officer(s) and I have disclosed
              to the registrant's auditors and the audit committee of the
              registrant's board of directors (or persons performing the
              equivalent functions):

                   (a) All significant deficiencies and material weaknesses in
                       the design or operation of internal control over
                       financial reporting which are reasonably likely to
                       adversely affect the registrant's ability to record,
                       process, summarize, and report financial information; and

                   (b) Any fraud, whether or not material, that involves
                       management or other employees who have a significant role
                       in the registrant's internal control over financial
                       reporting.

July 1, 2005                                         /s/ Julian Sluyters
                                                     Julian Sluyters
                                                     Chief Executive Officer
                                                     The Central Europe & Russia
                                                     Fund, Inc.



<PAGE>

CHIEF FINANCIAL OFFICER
FORM N-CSR CERTIFICATION UNDER SARBANES OXLEY ACT






I, Paul Schubert, certify that:

1.            I have reviewed this report, filed on behalf of The Central Europe
              & Russia Fund, Inc., on Form N-CSR;

2.            Based on my knowledge, this report does not contain any untrue
              statement of a material fact or omit to state a material fact
              necessary to make the statements made, in light of the
              circumstances under which such statements were made, not
              misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other
              financial information included in this report, fairly present in
              all material respects the financial condition, results of
              operations, changes in net assets, and cash flows (if the
              financial statements are required to include a statement of cash
              flows) of the registrant as of, and for, the periods presented in
              this report;

4.            The registrant's other certifying officer(s) and I are responsible
              for establishing and maintaining disclosure controls and
              procedures (as defined in Rule 30a-3(c) under the Investment
              Company Act of 1940) and internal control over financial reporting
              (as defined in Rule 30a-3(d) under the Investment Company Act of
              1940) for the registrant and have:

                   (a) Designed such disclosure controls and procedures, or
                       caused such disclosure controls and procedures to be
                       designed under our supervision, to ensure that material
                       information relating to the registrant, including its
                       consolidated subsidiaries, is made known to us by others
                       within those entities, particularly during the period in
                       which this report is being prepared;

                   (b) Designed such internal control over financial reporting,
                       or caused such internal control over financial reporting
                       to be designed under our supervision, to provide
                       reasonable assurance regarding the reliability of
                       financial reporting and the preparation of financial
                       statements for external purposes in accordance with
                       generally accepted accounting principles;

                   (c) Evaluated the effectiveness of the registrant's
                       disclosure controls and procedures and presented in this
                       report our conclusions about the effectiveness of the
                       disclosure controls and procedures, as of a date within
                       90 days prior to the filing date of this report based on
                       such evaluation; and

                   (d) Disclosed in this report any change in the registrant's
                       internal control over financial reporting that occurred
                       during the registrant's most recent fiscal half-year (the
                       registrant's second fiscal half-year in the case of an
                       annual report) that has materially affected, or is
                       reasonably likely to materially affect, the registrant's
                       internal control over financial reporting; and

5.            The registrant's other certifying officer(s) and I have disclosed
              to the registrant's auditors and the audit committee of the
              registrant's board of directors (or persons performing the
              equivalent functions):

                   (a) All significant deficiencies and material weaknesses in
                       the design or operation of internal control over
                       financial reporting which are reasonably likely to
                       adversely affect the registrant's ability to record,
                       process, summarize, and report financial information; and

                   (b) Any fraud, whether or not material, that involves
                       management or other employees who have a significant role
                       in the registrant's internal control over financial
                       reporting.

July 1, 2005                                         /s/ Paul Schubert
                                                     Paul Schubert
                                                     Chief Financial Officer
                                                     The Central Europe & Russia
                                                     Fund, Inc.


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