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<SEC-DOCUMENT>0000088053-06-000400.txt : 20060331
<SEC-HEADER>0000088053-06-000400.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331142401
ACCESSION NUMBER:		0000088053-06-000400
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

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:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		06727778

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	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>N-Q
<SEQUENCE>1
<FILENAME>nq033106cerf.txt
<DESCRIPTION>N-Q
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-Q
             QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                          MANAGEMENT INVESTMENT COMPANY
                         -------------------------------

Investment Company Act file number  811-6041

                       Central Europe & Russia Fund, Inc.
               (Exact name of registrant as specified in charter)


                                 345 Park Avenue
                               New York, NY 10154
               (Address of principal executive offices) (Zip code)


                                  Paul Schubert
                                 345 Park Avenue
                               New York, NY 10154
                     (Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190
                                                     --------------

Date of fiscal year end:  10/31
                          -----

Date of reporting period: 01/31/06
                         ---------

Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1.  SCHEDULE OF INVESTMENTS


<PAGE>




THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JANUARY 31, 2006 (unaudited)

<TABLE>
<CAPTION>
Shares          Description                                                                    Value
- ------          -----------                                                                    -----

<S>      <C>    <C>                                                                        <C>
INVESTMENTS IN RUSSIAN SECURITIES -- 48.6%
                Common Stocks -- 45.7%
                Commercial Banks -- 0.6%
         3,000  Sberbank                                                                   $  4,470,000
                                                                                           ------------
                Diversified Telecommunication
                     Services -- 0.4%
       200,000  Rostelecom (ADR)++                                                            2,710,000
                                                                                              ---------

                Food Products -- 0.8%
        75,000  Lebedyansky*                                                                  5,362,500
                                                                                              ---------

                Metals & Mining -- 7.5%
       416,000  JSC MMC Norilsk Nickel (ADR)                                                 37,232,000
       416,000  Polyus Gold Co Zao                                                           11,481,600
         3,500  Vyksa Metallurgical Plant*                                                    2,336,250
                                                                                              ---------
                                                                                             51,049,850
                                                                                             ----------
                Multi-Utilities -- 4.0%
       568,000  Unified Energy Systems (GDR)                                                 27,718,400
                                                                                             ----------

                Oil, Gas & Consumable Fuels -- 30.4%
       700,000  Gazprom                                                                       5,449,500
       918,000  Lukoil (ADR)                                                                 70,227,000
       250,000  Novatek Oao-Spons (GDR)                                                       7,247,500
       265,000  OAO Gazprom (ADR)                                                            22,684,000
     1,010,000  Surgutneftegaz (ADR)++                                                       69,387,000
       292,500  Tatneft (ADR)++                                                              25,301,250
     1,143,800  Tnk-Bp                                                                        3,683,036
       500,000  Ufimskij Npz                                                                  1,092,500
        52,000  Vostok Nafta Investment (SDR)*                                                3,189,011
                                                                                              ---------
                                                                                            208,260,797
                                                                                            -----------

                Personal Products -- 0.9%
       146,000  Kalina                                                                        6,332,750
                                                                                              ---------

                Wireless Telecommunication Services -- 1.1%
       140,000  Mobile Telesystems (GDR)                                                      5,191,200
        45,500  Vimpel Communications (ADR)*                                                  2,131,220
                                                                                              ---------
                                                                                              7,322,420
                                                                                              ---------
                Warrants -- 2.9%
                Commercial Banks -- 2.9%
         7,750  Transneft Warrant
                (expire 4/18/06)*
                (Cost $6,771,010)                                                            19,731,419
                                                                                             ----------

                Total Investments in
                Russian Securities
                (cost $153,437,825)                                                         332,958,136
                                                                                            -----------



Shares          Description                                                                   Value
- ------          -----------                                                                   -----

INVESTMENTS IN POLISH COMMON STOCKS-- 12.2%
                Building Products -- 0.6%
       850,950  Cersanit-Krasnystaw SA                                                     $  4,272,869
                                                                                           ------------

                Commercial Banks -- 2.9%
        81,746  Bank Pekao                                                                    4,559,341
       178,094  Bank Pekao (GDR)                                                              9,919,836
        38,000  Bank Pekao (GDR)+                                                             2,116,600
       350,000  Pko Bank Polski SA                                                            3,514,905
                                                                                              ---------
                                                                                             20,110,682
                                                                                             ----------

                Construction & Engineering -- 0.1%
        40,842  Budimex*                                                                        599,663
                                                                                                -------

                Diversified Financial Services -- 0.5%
        13,500  Bank Prezemyslowo-Handlowy                                                    3,303,566
                                                                                              ---------

                Diversified Telecommunication Services -- 2.3%
     1,670,207  Telekomunikacja Polska                                                       12,261,419
       490,000  Telekomunikacja Polska (GDR)+                                                 3,626,000
                                                                                              ---------
                                                                                             15,887,419
                                                                                             ----------
                Media -- 0.2%
        37,700  Tvn*                                                                            971,674
                                                                                                -------
                Metal & Mining -- 0.5%
       147,029  KGHM Polska Miedz                                                             3,411,020
                                                                                              ---------

                Oil, Gas & Consumable
                Fuels -- 4.1%
       736,102  Polski Koncern Naftowy                                                       14,925,096
       149,500  Polski Koncern Naftowy (GDR)                                                  6,039,800
       180,000  Polski Koncern Naftowy (GDR)+                                                 7,272,000
                                                                                              ---------
                                                                                             28,236,896
                                                                                             ----------

                Real Estate -- 1.0%
       109,018  Echo Investment*                                                              6,652,087
                                                                                              ---------
                Total Investments in Polish
                Common Stocks (cost $28,409,238)                                             83,445,876
                                                                                             ----------

INVESTMENTS IN HUNGARIAN COMMON STOCKS -- 5.9%
                Chemicals -- 0.3%
       193,000  Borsodchem                                                                    2,373,409
                                                                                              ---------

                Commercial Banks -- 2.0%
       337,400  OTP Bank                                                                     11,633,922
        25,000  OTP Bank (GDR)                                                                1,725,000
                                                                                              ---------
                                                                                             13,358,922
                                                                                             ----------



<PAGE>



THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JANUARY 31, 2006 (unaudited) (continued)

Shares          Description                                                                     Value
- ------          -----------                                                                     -----

                Oil, Gas & Consumable Fuels -- 2.6%
       110,000  Mol Magyar Olaj-Es Gazipari                                                $ 11,431,809
        61,000  Mol Magyar Olaj-Es Gazipari (GDR)                                             6,386,700
                                                                                              ---------
                                                                                             17,818,509

                Pharmaceuticals -- 1.0%
        30,000  Gedeon Richter                                                                6,272,425
         4,300  Gedeon Richter (GDR)                                                            898,700
                                                                                                -------

                                                                                             $7,171,125
                                                                                             ----------
                Total Investments in Hungarian
                Common Stocks
                (cost $10,783,177)                                                           40,721,965
                                                                                             ----------


INVESTMENTS IN CZECH REPUBLIC COMMON STOCKS -- 4.6%
                Commercial Banks -- 0.8%
         4,500  Komercni Banka                                                                  666,952
        89,996  Komercni Banka (GDR)                                                          4,499,800
                                                                                              ---------
                                                                                              5,166,752
                                                                                              ---------

                Multi-Utilities -- 3.8%
       750,000  Ceske Energeticke Zavody                                                     26,170,486
                                                                                             ----------

                Total Investments in Czech
                Republic Common Stocks
                (cost $3,984,712)                                                            31,337,238
                                                                                             ----------

INVESTMENTS IN TURKISH COMMON STOCKS -- 12.4%
                Building Products -- 0.7%
     1,128,568  Trakya Cam Sanayii                                                            4,654,329
                                                                                              ---------

                Commercial Banks -- 1.9%
       316,420  Denizbank*                                                                    2,705,672
       694,427  Finansbank*                                                                   3,941,127
       500,000  Turkiye Sinai Kalkinma Bank                                                   2,137,722
       692,850  Turkiye Vakiflar Bankasi T-D*                                                 4,299,183
                                                                                              ---------
                                                                                             13,083,704
                                                                                             ----------

                Construction & Engineering -- 0.0%
        35,000  Izocam Ticaret Ve Sanayi As                                                     267,499
                                                                                                -------

                Diversified Financial Services -- 7.4%
     1,825,000  Akbank                                                                       15,881,574
       400,000  Haci Omer Sabanci Holding                                                     3,087,401
     1,416,356  Turkiye Garanti Bankasi*                                                      6,537,852
     2,456,000  Turkiye Is Bankasi                                                           22,301,930
       550,000  Yapi Ve Kredi Bankasi*                                                        3,059,024
                                                                                              ---------
                                                                                             50,867,781
                                                                                             ----------



Shares          Description                                                                     Value
- ------          -----------                                                                     -----

                Food & Staples Retailing -- 0.2%
        53,200  Bim Birlesik Magazalar*                                                   $  1,630,420
                                                                                          ------------

                Industrial Conglomerates -- 0.4%
       600,000  Dogan Sirketler Grubu Holdings*                                               2,383,655
                                                                                              ---------

                Insurance -- 0.6%
       805,000  Anadolu Hayat Emeklilik Ord                                                   3,929,058
                                                                                              ---------

                Oil, Gas & Consumable Fuels -- 0.6%
       200,000  Turpras Petrol Rafinerileri                                                   4,161,937
                                                                                              ---------

                Wireless Telecommunication Services -- 0.6%
       575,998  Turkcell Iletisim Hizmetleri                                                  3,944,598
                                                                                              ---------

                Total Investments in Turkish
                Common Stocks
                (cost $40,998,353)                                                           84,922,981
                                                                                             ----------

INVESTMENTS IN AUSTRIAN COMMON STOCKS -- 2.4%
                Commercial Banks -- 2.4%
       146,740  Erste Bank Der Oester Spark                                                   8,179,428
        39,131  Erste Bank Ord-Temp*                                                          2,151,737
        94,200  Wiener Staedt Vers                                                            5,905,146
                                                                                              ---------
                                                                                             16,236,311

                Total Investments in Austrian
                Common Stocks (cost $10,453,018)                                             16,236,311
                                                                                             ----------

INVESTMENTS IN DUTCH COMMON STOCKS -- 0.9%
                Beverages -- 0.4%
        73,000  Efes Breweries International (GDR)                                            2,752,100
                                                                                              ---------

                Food & Staples Retailing -- 0.5%
       219,700  Pyaterochka Holding (GDR)                                                     3,449,290
                                                                                              ---------

                Total Investments in Dutch
                Common Stocks
                (cost $5,117,505)                                                             6,201,390
                                                                                              ---------



<PAGE>



THE CENTRAL EUROPE AND RUSSIA FUND, INC.
SCHEDULE OF INVESTMENTS -- JANUARY 31, 2006 (unaudited) (continued)

Shares           Description                                                                  Value
- ------           -----------                                                                  -----

INVESTMENTS IN CYPRUS COMMON STOCKS -- 0.5%
                 Oil, Gas & Consumable Fuels -- 0.5%
        700,000  Urals Energy Public Co Ltd (Cost $3,204,250)                              $  3,422,265
                                                                                           ------------

                 Securities Lending Collateral -- 9.1%
     62,016,000  Daily Assets Fund
                 Institutional, 4.34%+++
                 (cost $62,016,000)                                                        $ 62,016,000
                                                                                           ------------

                 Total Investments--96.6%
                 (cost $318,404,078)                                                      $ 661,262,162
                                                                                          -------------
                 Cash and other assets in
                 excess of liabilities--3.4%                                                 23,485,477
                                                                                             ----------

                 NET ASSETS--100.0%                                                       $ 684,747,639
                                                                                          -------------

- ---------------

*        Non-income producing security.
+        144A - Restricted to resale to institutional investors only.
++       All or a portion of these securities were on loan. The value of all securities loaned at January 31, 2006
         amounted to $59,348,910, which is 8.7% of the net assets.
+++      Represents collateral held in connection with securities lending. Daily Assets Fund Institutional, an
         affiliated fund, is managed by Deutsche Asset Management, Inc. The rate shown is the annualized seven-day
         yield at period end.
</TABLE>

Key
     ADR -- American Depository Receipt
     GDR -- Global Depository Receipt
     SDR -- Swedish Depository Receipt

<PAGE>

                                   SIGNATURES
                                   ----------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:                         The Central Europe and Russia Fund,
                                    a series of Central Europe & Russia
                                    Fund, Inc.


By:                                 /s/Vincent J. Esposito
- ---                                 ----------------------
                                    Vincent J. Esposito
                                    President

Date:                               March 21, 2006


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Registrant:                         The Central Europe and Russia Fund, a series
                                    of Central Europe & Russia Fund, Inc.


By:                                 /s/Vincent J. Esposito
- ---                                 ----------------------
                                    Vincent J. Esposito
                                    President

Date:                               March 21, 2006



By:                                 /s/Paul Schubert
- ---                                 ----------------
                                    Paul Schubert
                                    Chief Financial Officer and Treasurer

Date:                               March 21, 2006

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert-cerf.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
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<div style='width:600;'>



<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font FACE="ARIAL" SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Vincent J. Esposito</font><font color="#454545"><font size=2>, certify that:</font></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The Central Europe and Russia Fund, a series of Central Europe &amp; Russia Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>



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    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe and Russia Fund, a series of Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Vincent J. Esposito</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="143" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vincent J. Esposito</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="121" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 21, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font FACE="ARIAL" SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>The Central Europe and Russia Fund, a series of Central Europe &amp; Russia Fund, Inc.</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>



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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=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; </font></font></p> </td> </tr></table>



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    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>



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    <tr >
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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: </font></font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



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    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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; </font></font></p> </td> </tr></table>



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    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



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    <tr >
        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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): </font></font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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 </font></font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Central Europe and Russia Fund, a series of Central Europe &amp; Russia Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>March 21, 2006</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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