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If you dont use it to buy on the store, youll be fine.
"3. BILLING, PAYMENT AND OTHER SUBSCRIPTIONS
[...]
A. Payment Authorization
[...]
You agree that you will not use IP proxying or other methods to disguise the place of your residence, whether to circumvent geographical restrictions on game content, to purchase at pricing not applicable to your geography, or for any other purpose. If you do this, Valve may terminate your access to your Account."
Just don't use it while purchasing games.
Steam saves your IP address when you make a purchase and you can see that IP in your Purchase Receipt.
So even if you don't change your Store Country to get games cheaper I still wouldn't use VPN while purchasing games because your IP and your actual county would be different.
They probably won't suspend your account or anything unless you try to buy games cheaper, but I wouldn't use VPN while purchasing games just to be 100% safe.
disable it for Steam if you have that possibility.
its all downhill from here.
Actually its not allowed to use a VPN to circumvein law (Steam or not) So basically its not legal if its on the intend to bypass.
My IP and store country have been different for all my purchases in the last week because I am currently on holidays.
I have gone on holidays and purchased games overseas with my usual store country dozens of times. So in and of itself having an IP different than your store region means very little.
Same for so called "identity" checks which are usual on several platforms these days. As long as there is no cam behind or in front of anyone with liveaction verification (or working with id as identifier like some asian countrys does) it stays that way
If the user is caugh using a vpn to bypass (a current example is buying games in cheaper regions) then the account is banned and all on it lost.
Its not worth the risk, for having some picture as your avatar (there will be plenty to choose from and you can have the ones you got already without trouble as long as nobody reports)
"You agree that you will not use IP proxying or other methods to disguise the place of your residence, whether to circumvent geographical restrictions on game content, to purchase at pricing not applicable to your geography, or for any other purpose. If you do this, Valve may terminate your access to your Account."
And this is something which is nice to read, but in practice absolutely not feasible. They (Valve Corporation in this case), as well we as consumer, cannot prove anything to each other. That was my point i tried to explain in my previous entry.
Well with the requiring a payment method to change store region the need for them to worry about this has reduced significantly. Unless you have a russian payment method you can't buy at russian prices even if you are currently in Russia.
It also helps since most people on vacation would rather do business with their local store in their local currency so they don't have to guess at whether it is the right price or not.
I don't know if the store region impacts region-locked keys or if that is based on current location (I have never had to try them).
But as far as the OP is concerned using a VPN wouldn't help though as long as their store region is in Europe it would be clear the rules would apply to them for everything on Steam.
If they are doing it for things outside of Steam only then they need to check whether that would even help. Just like with GDPR it is possible companies globally will just comply to the rules for everyone not just people from the EU so using a VPN wouldn't change what you would see.
once again I have yet to see any actual cases of peoples account being terminated just for having a VPN active alone
irt doesnt happen
keyword here is to actively use it to circumvent regional or currency restrictions, thats what gets banned.