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In this paper, an efficient algorithm for simultaneous reduction of blocking and ringing artifacts of compressed video is presented. A pixel based new regularization functional, which consists of four directional regularization functions is to represent the correlation to each direction, is proposed. Also, the regularization parameter, which is critical in regularization restoration problem, is determined from the available overhead information in decoder, such as, COD (Coded Macroblock Indication) and quantization step size, resulting in dramatic computational reduction to determine the regularization parameters. The experimental results show the capability and efficiency of the proposed algorithm.