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For gifted games, the recipient has to start the process, because after accepting the gift the game is his, not yours. You are involved because you paid for the game, which also means the money will be sent back to you.
If you haven't accepted the gift yet, just click the "Decline Gift" button and your friend will automatically get the refund.
If you already accepted the gift, then no, your friend will need to ask for a refund after you have approved the refund.
If your friend can't or won't do that, and you do not want to see the game in your library, you can remove it from your library by clicking Help at the top of the Steam client (or Support on the Steam website), Steam Support, pick the game from the recent products list or search for it in the search bar at the bottom of the page, and click on "I want to permanently remove this game from my account." Note that although it says "permanently," so far it has been possible to recover a removed game by searching for the game name in the Steam Support page, clicking on "It's not in my library," and choosing "Restore the previously removed package to my account."
Refunds on Gifts
Unredeemed gifts may be refunded within the standard 14-day/two-hour refund period. Redeemed gifts may be refunded under the same conditions if the gift recipient initiates the refund. Funds used to purchase the gift will be returned to the original purchaser.
https://store.steampowered.com/steam_refunds/
Go to steam support > Games, Software, Etc > *Find your game* > Gameplay or technical issue > I am having another problem > I'd like to request a refund for this gift.
Now this is only for the recipient of the gift and the gift sender would have to go to their purchase history and refund it as normal.
Hopefully this helps someone :D
Or, the FAQ...
https://help.steampowered.com/en/faqs/view/2C02-3563-B72F-F117#gift-refund