SOUL: South Korea is considering cutting its exports to Iran – mainly steel, cars and electronics – to reduce the risk of payment defaults as sanctions strangle Iran’s earnings from oil exports, two sources with knowledge of the issue said. Export quotas could be imposed on products including Samsung Electronics’ mobile phones and Hyundai Motor’s vehicles, one of the sources said. The sources, who could not be identified due to the sensitivity of the issue, both have direct knowledge of the matter through dealings with the government bodies responsible for trade with Iran and the possible imposition of the regulations by South Korea.