Embargo restricting company meat (5)
I believe the answer is:
bacon
'meat' is the definition.
(bacon is a kind of meat)
'embargo restricting company' is the wordplay.
'embargo' becomes 'ban' (I've seen this before).
'restricting' is an insertion indicator.
'company' becomes 'co' (abbreviation).
'ban' going around 'co' is 'BACON'.
(Other definitions for bacon that I've seen before include "Pig meat N essayist" , "friar" , "Salted and smoked pig meat" , "Meat in rashers" , "Francis ---, Ir. painter" .)