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As long as the game is not gift restricted in your country.
Steam does a thing now where if it's on sale/cheaper in one country, can't gift it to the country where it costs more. Or at least that seems to be a thing here.
Steam will definitely refund your friend if the game your friend buys can't be redeemed.
yeah i believe thats everywhere i cant gift a friend in the UK games due to price differences even on sale
Only if the price difference is greater than 10%, if it's below that, you can still gift.
A rule like you suggest would be very inconvenient during these winter sales...