South Korea limits Iran exports on payment concerns

South Korea has imposed curbs on exports to Iran - mainly steel, cars and electronics - to reduce its risk of payment defaults as western sanctions disrupt Iranian oil exports, highlighting the growing risk of doing business with the Islamic Republic.

The move to limit the trade exposure of Asia's fourth-largest economy, which sold $1.7 billion of goods in Iran in the first quarter of this year, was announced by South Korea's leading trade and business body and came into effect this week. (Reuters)