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.