question about region restrictions

U mean using steam gifting system? If yes, so you can't

You should set your store region on your real region, it sets automatically unless you use a VPN
unless there is no store region for you in steam store

No gifting just person from russia creates account and uses his russian currency to pay for game. then me different person logs into that account from outside russia would I be able to launch and play

No, games purchased in determinated region like RUS, can be played outside RUS region, with the last gift system update this change for worst, since now there're new locked regions depending if a country currency is accepte as payment in steam, i.e. in Latam (latin america region) countries like brazil, peru, chile, colombia and mexico are now locked and cant sent gift to others latin america countries, like we can do before the gift system update. =(

No. There are two type of locks: Activation and Run. Activation prevents you from activating a gift or key unless you are from the correct region. Run locks prevent you from playing said game unless you reside in said region. While most steam keys are activation locked only, copies purchased from Steam are both activation and run locked.

So even if you purchased said game with the proper currency, you wouldn't be able to play outside said region. I should note that run locks do expire after 3 months from purchase. This is meant to allow those who move to a different region to be able to play their games without having to buy their entire library again.