Korean Air Lines Victims Claims Act

[AI summary unavailable — showing source text] Korean Air Lines Victims Claims Act - Directs the President to prohibit all transactions involving assets of the Soviet Union in the United States or any other transactions described in a specified section of the International Emergency Economic Powers Act pending voluntary settlement of the claims of the survivors of U.S. citizens on board the Korean Air Lines plane that was shot down by the Soviets. Directs the President to direct the Secretary of State to initiate negotiations as soon as practicable to conclude an agreement with the Soviet Union which would provide for the payment of awards certified by the Foreign Claims Settlement Commission of the United States. Authorizes the Secretary of the Treasury to seize and liquidate Soviet assets in the United States and pay such funds into a claims fund if no agreement with the Soviet Union is reached by the time all the claims have been certified. Amends the International Claims Settlement Act of 1949 to direct the Foreign Claims Settlement Commission of the United States to determine the validity and amounts of the claims of the survivors of the U.S. citizens on board the downed Korean Air Lines plane. Requires the claims to be su…