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On May 19, the U.S., the G7, and other governments jointly announced new sanctions against 200 Russian entities involved in Russia’s future energy production and its mining sector.

On May 1, Australian mining company Strategic Materials signed an agreement to purchase one hundred tons of rare earth (RE) oxides from Vietnam in the second half of 2023.

On April 28, the Russian newspaper Kommersant Daily reported that Ukraine intends to raise transit fees on Russian oil entering its territory via the Druzhba Pipeline.

The UN’s International Seabed Authority (ISA) said it will receive deep-sea mining applications for project outside member countries’ Economic Exclusion Zones beginning on July 9.

On March 21, during Chinese President Xi Jinping’s visit to Russia, Russian Prime Minister Mikhail Mishustin and Jinping agreed to $165 billion in investment across 79 projects through an intergovernmental commission.

The International Energy Agency reported a 40% year-on-year decrease in Russian oil and gas export revenue in January, with a $11.5 billion decline from January 2022.

On March 7, the Japanese government’s Green Innovation Fund awarded $1.62 billion to a Japanese-Australian business venture to create Japan’s first hydrogen supply chain between Victoria State in Australia and Kawasaki, Japan.

President Joe Biden’s January 13 meeting with Japanese Prime Minister Fumio Kishida in Washington yielded new reaffirmations of the U.S.-Japan alliance and Washington’s commitment to defend its ally as well as a strong American endorsement of Japan’s plans to boost its defense spending.

On January 19, energy analytics firm Vortexa reported that Russia eclipsed Iraq as India’s largest source of crude oil starting in October 2022.

On February 15th, South Korean and Mongolian Industry Ministers signed a memorandum of understanding to encourage cooperation on rare earth supply chains.