The influence of oxygenation in the magnetism, superconductivity and electronic states for the Mo0.3Cu0.7Sr2RECu2Oy (RE = Y, Er and Tm) compounds are discussed here. The magnetic measurements on the as-prepared (AP) samples suggest the existence of short-range magnetic correlations due to the presence of the paramagnetic MoV cations in the copper chain site. On the other hand, all the oxygenated samples are not magnetic but superconducting. The high pressure oxygenated sample shows the highest superconducting transition temperature of TC = 84 K. The influence of oxygenation in the electronic states for the Mo0.3Cu0.7Sr2YCu2Oy system associated with an oxidation reaction leading from a non-superconducting to a superconducting state has also been investigated by means of X-ray photoelectron spectroscopy (XPS). XPS measurements show the predominance of the MoV oxidation state over the MoVI one in the AP material; annealing under flowing oxygen enhances both the MoVI and CuII amounts. A detailed study of the electronic states for the Mo0.3Cu0.7Sr2YCu2Oy samples has been performed and is also discussed.