Sale of Shareholding

City of London Investment Group PLC
21 December 2006



              CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED

                 SALE OF SHAREHOLDING IN ENR RUSSIA INVEST SA



City of London Investment Management Company Limited, a wholly owned subsidiary
of City of London Investment Group PLC, announces that on the 14 December 2006
City of London Investment Management Company Limited, of 10 Eastcheap, London,
EC3M 1LX, UK sold on behalf of it clients, its total holding of 351,075 (21.80%)
of ENR Russia Invest SA bearer shares with a par value of CHF50 per share.



City of London Investment Management Company Limited had previously announced
that on the 13 November 2006 it had, on behalf of its clients, entered into a
Share Purchase Agreement to sell its total holding. This Share Purchase
Agreement was subject to approval from the Cypriot, Russian and Swiss Regulatory
Authorities. All approvals for the closing of the Share Purchase Agreement have
been obtained.







For further information contact:


Clayton Gillece, Director                           Simon Hudson / Clemmie Carr
City of London Investment Management Company        Tavistock Communications
Tel: [phone]                                  Tel: [phone]





NOTES TO EDITORS



City of London is an asset management group whose principal activity is
providing emerging market asset management products and services predominantly
to institutional investors via its principal operating company City of London
Investment Management Company Limited. The Group is based in the UK and also has
offices in the US and Singapore.  Clients include some of the US's leading blue
chip institutions and endowment funds.



With total funds under management of approximately US$3.2 billion, the Group
manages several Open Ended Funds as well as a number of segregated accounts. The
Group's fund mandates are mainly in emerging markets, although the Group has
more recently diversified its asset management product portfolio by the launch
of a natural resources fund and has also seeded three new funds: a global fund,
a frontier fund and an emerging markets yield fund.  The Group seeks to provide
capital growth for clients through active country allocation and stock
selection.


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