Take this with a grain of salt as it is what I understand but I might be wrong about it.
To add to the general confusion of region locks I've even seen specific keys that were pretty much world-wide at one point get later restricted in more countries. I remember a year or two ago buying multiple keys for one game from the same place over the course of a few months and the first two had no restrictions whatsoever but the later two had some countries excluded and steamdb confirmed this, as far as I could tell all the keys came from the same batch since I don't think many people were buying that one so I have no clue of why the restrictions changed.
Not sure if this helps you, but I wanted to try answering.
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Meanwhile to me gamersgate is showing me the following info when I click on regions:
This Is the President:
"Argentina, Armenia, Azerbaiyán, Belice, Bielorrusia, Bolivia, Brasil, Chile, China, Colombia, Costa Rica, Ecuador, El Salvador, Filipinas, Guatemala, Guayana, Guayana Francesa, Honduras, India, Indonesia, Kazajstán, Kirguistán, Malasia, México, Moldavia, Nicaragua, Paraguay, Perú, Surinam, Tailandia, Taiwán, Tayikistán, Turkmenistán, Turquía, Ucrania, Uruguay, Uzbekistán, Venezuela, Vietnam"
Which kinda matches this: https://steamdb.info/sub/648602/
and
Sniper Ghost Warrior Contracts 2:
"Antigua y Barbuda, Argentina, Barbados, Belice, Bermudas, Bolivia, Brasil, Chile, Colombia, Costa Rica, Cuba, Dominica, Ecuador, El Salvador, Granada, Guatemala, Guayana, Guayana Francesa, Haití, Honduras, Islas Georgias del Sur y Sandwich del Sur, Islas Malvinas (Falkland), Jamaica, México, Nicaragua, Paraguay, Perú, República Dominicana, San Cristóbal y Nieves, San Vicente y las Granadinas, Santa Lucía, Surinam, Uruguay, Venezuela"
Which matches this: https://steamdb.info/sub/579411/
So they do have regional keys, but I'm not certain that they have the correct lists of countries for said keys. This might be an error on the side of the sellers or it might be the publishers that messed up the info they give to the sellers, or they modified the regions and didn't bother to tell the sellers so they can update. Such a messy thing.
Edit: unrelated but I was looking at the store page for This Is the President, watching the trailer, reading the description, etc. And I'm kinda confused by this game, it seems to be one of those really complicated and somewhat abstract strategy games where a wrong click can cascade into everything going to hell. I'm intimidated by just looking at this thing but the premise in the description is hilarious XD
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I just pasted the two lists to show that they're not always a perfect match to what steamdb says, which means that they're likely wrong sometimes. The keys sometimes can be activated in more countries that they claim, probably because they struggle to keep up with this mess and would rather stay on the side of caution and list fewer countries, specially if they also have keys for other regions, after all they're only really meant to sell keys for personal use as far as their agreements with publishers go.
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This is the President:
Did you notice this sub: https://steamdb.info/sub/648602/? It's LATAM+CIS+a few more countries (probably for cheaper pricing). Now I'd assume that Gamersgate key is for sub https://steamdb.info/sub/212994/, so it won't work in the countries of first sub (because they have a special package).
Sniper Ghost Warrior Contracts 2:
This is way more complicated, because there are several restricted packages, but mostly LATAM, CIS and SEA packages. I'd assume that it's this package: https://steamdb.info/sub/468030/, which can't be activated in LATAM, CIS and SEA, because they have their own packages.
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Oh, good, then it's really a global one, so either Gamersgate (wrong guessing) or the publisher made a mistake (provided wrong information).
Regarding Sniper and no price in Russia: alancml is right, so Russian people should still be able to activate a key (given that it's not for a restricted package).
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2) If there is no price tag for a country, it only means you can't buy the game from steam store if you are from that region. If you want to know whether the key version of it is region-locked, you should check in the metadata section of the said package.
3) Cross-region trading and gifting only applies to gifting through steam or the redeemable region of the gift item. It means nothing to a key.
Actually we can't really sure which key is provided based on information of steamdb, especially for a game that is not bundled before. There is always a possibility that the package is not yet indexed on steamdb.
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I think only the "no price set" banner is auto-generated. And I don't remember that part before, maybe added recently. It is same as no price tag which means you can't buy the game from steam store.
"This package can NOT be activated or purchased in the following countries" is where the part indicating the region-locked region of a key. And this is set by the publisher.
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3) If cross-region trading and gifting are disabled, then the key can still be worldwide, but games can't be gifted directly through Steam between different Steam-regions
This is a more or less deprecated tag, because it's about inventory gifting.
For direct gifting upon purchase are important: 10% rule and store sub not being blocked in recipient's store region.
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So to make things even more cumbersome, I think you may need to check the app ID as well. I gave someone this sub, which metadata looks fine. But once you pop into the app ID metadata, you can see restricted countries = DE. I assume this specific issue is down to the recent Germany age rating thing and won't be a problem for games that people would actually want to giveaway (as they would have set it) but may also happen to other apps for other countries? But the user got the error "This item is currently unavailable in your region" when attempting to redeem even though the specific sub is clean.
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I am pretty sure, restrictions directly on the app had been mostly for working aorund the fact, that a couple of countries like Germany required actually working age checks for sexual content and a couple of other countries like China outright banned some games.
And then the absolute debacle of Steam trying to accommodate to the general age rating requirement in Germany happened.
Games with restrictions on app level including Germany (plus other countries in some cases) are 33354:
https://steamdb.info/search/?a=app_keynames&type=1&keyname=544&operator=1&keyvalue=DE&all=1
Games with restrictions on app level NOT including Germany are 0:
https://steamdb.info/search/?a=app_keynames&type=1&keyname=544&operator=2&keyvalue=DE&all=1
So Germany is part of every single one of these.
But there's also 6708 of these that are including China and probably some more including other countries as well:
https://steamdb.info/search/?a=app_keynames&type=1&keyname=544&operator=1&keyvalue=CN&all=1
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