Probably British or French dubbed in English.
There was a lot of red. Red buildings, red rooms, etc
Guy keeps killing wife (or maybe mistress) in dream, runs from police and then before getting caught, wakes up. This happens over and over. At times he even does it all knowing he will eventually wake up. And just when you think this time it’s real and he’s not waking up this time, he wakes up.
It was on an early Pay-TV box, pre-cable, in early 80’s or late 70’s. I’m sure it had a lot of sexual themes in it. I don’t remember anything specific but remember I wasnt supposed to be watching it and I stood right next to the TV so I could quickly change the channel if anyone came in.