Well, it sucks for some but I think the reason they did this was cause there were many online stores buying the games for cheap and then reselling them for a higher amount cause there are a lot of games that sell for significantly less in certain parts of the world compared to say NA just because of the economy and etc. Sniper Elite had this issue where many of its steam keys were bought from stores that were selling them for veryyyy cheap and from what I heard, the reason they were able to do so was cause they bought it from a country where the prices are lower to adjust for the eco and selling the game to say NA for a higher USD. And of course, the developer and steam does not get that addition profit that those stores were making!
Anyway heres the full restriction list:
RU Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Kazakhstan, Republic of Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
Malaysia Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Indonesia, Malaysia, Philippines, Singapore and Thailand.
Thai Baht Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Indonesia, Malaysia, Philippines, Singapore and Thailand.
Indonesian Rupiah Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Indonesia, Malaysia, Philippines, Singapore and Thailand.
Philippine Peso Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Indonesia, Malaysia, Philippines, Singapore and Thailand.
CIS - U.S. Dollar Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Kazakhstan, Republic of Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
Turkish Lira Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Turkey.
Brazilian Real Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Argentina, Bolivia, Brazil, Bahamas, Belize, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Guyana, Honduras, Mexico, Nicaragua, Panama, Peru, Paraguay, Suriname, El Salvador, Uruguay and Venezuela.2
Mexican Peso Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Argentina, Bolivia, Brazil, Bahamas, Belize, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Guyana, Honduras, Mexico, Nicaragua, Panama, Peru, Paraguay, Suriname, El Salvador, Uruguay and Venezuela.
Singapore Dollar Notice: Gift purchases for Crusader Kings II can only be added to the gift recipient's library if they are in Indonesia, Malaysia, Philippines, Singapore and Thailand.
Japanese Yen No restriction note
Norwegian Krone No restriction note
Canadian Dollar No restriction note
U.S. Dollar No restriction note
British Pound No restriction note
Euros (Tier 1) No restriction note34
Euros (Tier 2) No restriction note5
http://kotaku.com/you-cant-gift-steam-games-wherever-you-want-anymore-1672525767