EX-99.77B ACCT LTTR 3 ceensarletter12_07-final.htm

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of
The Central Europe and Russia Fund, Inc.


In planning and performing our audit of the financial statements of
The Central Europe and Russia Fund, Inc. ("the Fund") as of and for
the year ended October 31, 2007, in accordance with the standards
of the Public Company Accounting Oversight Board (United States),
we considered the Fund's internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of expressing
an opinion on the effectiveness of the Fund's internal control over
financial reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Fund's internal control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
controls.  A fund's internal control over financial reporting is a process
designed 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.  A fund's internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
expenditures of the fund are being made only in accordance with
authorizations of management and directors of the fund; and (3)
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a fund's
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections
of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists when
the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Fund's
annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).  However, we noted
no deficiencies in the Fund's internal control over financial reporting
and its operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of
October 31, 2007.

This report is intended solely for the information and use of
management and the Board of Directors of The Central Europe
and Russia Fund, Inc. and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other
than these specified parties.



PricewaterhouseCoopers LLP
New York, New York
December 26, 2007