Meat company breaking embargo (5)
I believe the answer is:
bacon
'meat' is the definition.
(bacon is a kind of meat)
'company breaking embargo' is the wordplay.
'company' becomes 'co' (abbreviation).
'breaking' is an insertion indicator.
'embargo' becomes 'ban' (I've seen this before).
'co' put within 'ban' is 'BACON'.
(Other definitions for bacon that I've seen before include "modern artist" , "Eg, rashers" , "Salted pig-meat" , "Cut of pork" , "Francis ---, Ir. painter" .)