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https://store.steampowered.com/steam_refunds/?l=english
Scroll down to "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."
There it is, now: Where do I click? Where do I have to go to give my friend his money back? Or the game back?
I don't know because I've never refunded a gift, but I believe it's the same process as refunding a game purchased by yourself:
https://www.youtube.com/watch?v=q6WBYUvZv9Q
Skip to 1:10