That's how Steam decided to handle the matters now, it seems - every game that is spawned in your inventory will be region restricted if you reside in one of the restricted regions. This affects multi-packs, reward copies and auction wins - past and future.
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You can check if it has any restrictions by trying to add it to your library - if it's restricted, the pop-up window should have the restriction info even if the gift itself has no warning. If it does not have the restriction info, then you're probably in luck, but until you try to gift the item, you cannot be 100% sure.
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Yeah, this is definitely the case. I bought a NA region 4-pack of Gauntlet, but activated the pack while traveling in South America. When I gifted a copy to a friend in the States, nothing popped up on my end about it being region-locked but my friend could not activate it as it was restricted to South America.
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