Exhibit 12(a)(2)

I, Jimmy D. Gambill, certify that:

     1. I have reviewed  this report on Form N-CSR of TEMPLETON  RUSSIA AND EAST
EUROPEAN FUND, INC.;

     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 second fiscal quarter
of the  period  covered  by this  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.

11/27/07



/s/ JIMMY D. GAMBILL

Jimmy D. Gambill
Chief Executive Officer - Finance and Administration


I, Galen G. Vetter, certify that:

     1. I have reviewed  this report on Form N-CSR of TEMPLETON  RUSSIA AND EAST
EUROPEAN FUND, INC.;

     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 second fiscal quarter
of the  period  covered  by this  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.

11/27/07



/s/ GALEN G. VETTER

Galen G. Vetter
Chief Financial Officer