Red ruby uncovered and held by John (5)
I believe the answer is:
cuban
'red' is the definition.
(Cuba is a socialist state - red can mean socialist)
'ruby uncovered and held by john' is the wordplay.
'uncovered' indicates the central letters.
'and held by' is an insertion indicator.
'john' becomes 'can' (both can informally mean toilet).
The middle of 'ruby' is 'ub'.
'ub' going within 'can' is 'CUBAN'.
(Other definitions for cuban that I've seen before include "Nationality of citizen of Havana" , "Havana native" , "Caribbean" , "Kind of high quality cigar" , "From Castro's island" .)