Set a high value on European encounters after returning (6)
I believe the answer is:
esteem
'set a high value on' is the definition.
(I've seen this before)
'european encounters after returning' is the wordplay.
'european' becomes 'e' (abbreviation e.g. EU).
'encounters' becomes 'meets' ('meet' can be a synonym of 'encounter').
'after returning' says the letters should be written in reverse.
'meets' back-to-front is 'steem'.
'e'+'steem'='ESTEEM'
(Other definitions for esteem that I've seen before include "'Regard, respect (6)'" , "Good opinion" , "judge" , "Hold in high regard and respect" , "Think well of" .)