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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000860489-03-000017.txt : 20030808
<SEC-HEADER>0000860489-03-000017.hdr.sgml : 20030808
<ACCEPTANCE-DATETIME>20030808134822
ACCESSION NUMBER:		0000860489-03-000017
CONFORMED SUBMISSION TYPE:	N-23C-1
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030731
FILED AS OF DATE:		20030808
EFFECTIVENESS DATE:		20030808

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-23C-1
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-00185
		FILM NUMBER:		03831131

	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>N-23C-1
<SEQUENCE>1
<FILENAME>n23c1cee0703.txt
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-23C-1

STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO
PURCHASES OF ITS OWN SECURITIES PURSUANT
TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

REPORT FOR CALENDAR MONTH JULY 2003

        THE CENTRAL EUROPE AND RUSSIA FUND, INC.
(Name of registered closed-end investment company)

              			     Approx Asset
Date	         Number    Price    Value or Approx       Seller
Each   Ident   Shares     Per      Asset Cov/Shr     or Seller's
Trans   Sec    Purch     Share    at Time of Purch      Broker


07-02	  CEE      5000      16.6500      19.64  	   	Weeden & Co
07-03   " "      1000      16.7740      19.56             " "
07-07	  " "      1000      17.1500      20.02		    " "
07-08   " "      5000      17.1432      19.91		    " "
07-09   " "      1000      17.2000      19.90		    " "
07-10   " "      5000      17.1708      19.77		    " "
07-11   " "      5000      17.2880      19.75		    " "
07-14   " "      1000      17.4700      20.07		    " "
07-15   " "      1000      17.6300      20.09		    " "
07-16   " "       500      17.3700      19.63		    " "
07-21   " "      1000      16.5350      19.66		    " "
07-22   " "      4500      16.9902      19.72		    " "
07-23   " "      4500      16.8504      19.59		    " "
07-24   " "      4000      17.0000      19.85		    " "
07-25   " "      1000      16.9980      19.87		    " "
07-28   " "      3500      17.2329      20.18		    " "
07-29   " "      3800      17.2466      20.32		    " "
07-30   " "      3000      17.2000      20.26		    " "
07-31   " "      3800      17.6405      20.29		    " "


The Central Europe and Russia Fund, Inc.
Name of Registrant
By Isabella Chan - Fund Administrator
Date of Statement          08/08/03


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