Talk about European do (5)
I believe the answer is:
cheat
'do' is the definition.
(do can mean to cheat or defraud)
'talk about european' is the wordplay.
'talk' becomes 'chat' (I've seen this in another clue).
'about' is an insertion indicator.
'european' becomes 'E' (abbreviation e.g. EU).
'chat' placed around 'e' is 'CHEAT'.
(Other definitions for cheat that I've seen before include "Skin" , "Rogue" , "Dishonest person" , "Play dishonestly" , "Play false" .)