No. Red must keep clear of Blue in accordance with rule
11 (boats on the same tack, overlapped) and give mark-room
required by rule 18.2(b).
Blue will have to gybe in accordance with rule
18.4 as soon as necessary to sail her proper course. In this gybe the mainsail
will come into contact with the red boat. Therefore Red is not keeping clear
since Blue is being prevented from gybing for fear of a collision.