It doesn't prevent you redistributing what you have already been given (binaries or source), it does however allow Red Hat to not give you future iterations.
They can't prevent you, because that would violate the GPL. However I'd say getting your subscription revoked as a penalty means it is not 'allowed'.
The intent of the GPL to allow distribution to third parties seems pretty clear, and a company refusing to deal with you after you exercised a right explicitly granted by the licence definitely seems like a 'dick move', despite being legal.
The intent of the GPL to allow distribution to third parties seems pretty clear, and a company refusing to deal with you after you exercised a right explicitly granted by the licence definitely seems like a 'dick move', despite being legal.