It is. When you make a GA you just have to specify which regions can enter. For example South America or Europe (or something like that, you will find that on GA creation page).
As for key - it's probablly restricted to your (buyer) region, but if you can't find info on their site or/and want to be sure write a mesage to their support. They are super helpfull but note that it can take few days for them to answer.
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The thing is, that it is not a key, its a steam gift. I had restricted gifts before but there was always the information what region this was restricted to.
I'm from Germany and most of the time I buy humble bundles over an us proxy but some times I forget to turn it on (thats why I have a censored version of Borderlands) so I don't know what region this is restricted to.
I figure the easiest way is to ask steam support. they should know....
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You're from Germany? It will be fine, not locked to anywhere.
Basically, if you activated this key anywhere in North America or the EU1/EU2 regions, it spawns a giftable copy that can be activated anywhere. I'm from the UK and got the same with the same game. I also have it with a copy of Shadows of War that the devs put in my inventory as an apology for the game being broken upon release.
If you lived in Russia and activated this key then it would have been locked to the RUS region, lived in South East Asia it would have been locked to SEA etc,.
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I bought this game today and i could activate it in austria :)
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AFAIK It goes like this,
You get/buy or whatever a KEY for double/four packs from bundles/retailers. When you "activate" it in your region (you must be in a regional pricing country), the "other" gifts become ONLY to be activated in your/same region. This is not different from buying double/four packs from your regional Steam Store.
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So I have a gift (I think it was from a humble bundle) for Frozen Synapse Prime. On this gift it says "This is a restricted gift which can only be redeemed in certain countries."
No countries given so I have no clue where this is redeemable.
I still like to give this away but I don't know if it would be allowed here.
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