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Only countries you currently cant send any to are Argentina and Turkey.
A physical gift card code will most likely NOT work. Since last year you can only redeem physical wallet cards that are in the same currency as your Steam store.
So unless your friends Steam Store uses US dollars it wont work.
But again, a digital Steam gift card should be fine.
And if not it will already tell you before you can send it.
No, its just that both their economies and currencies have been falling for years and are at a absolute low point right now.
Many users in the past abused that by making secondary accounts in those countries and funded their wallets with sending digital gift cards from their main accounts, so you ended with a lot of local money in those countries and game prices WAY below the international average.
To curb that Steam finally disabled the sending of digital gift cards from outside those countries.
You can still receive digital gift cards in Argentina and Turkey but only from accounts that are also in the same country.
So Turkey to Turkey works fine, other country to Turkey does not work.
I think Ukraine is blocked right now because it uses the Russian banking system for payments in that region and all Russian banks are sanctioned and cant be used by Steam so the option is disabled for now.