Redeeming steam key from different country with vpn

I know this has been asked A LOT. like I searched for this in this subreddit and found a lot of the same question asked.

My goal here, though, is to try to get more specific.

So, if I buy a eu code from kinguin even though I’m a US resident, then use a vpn to redeem it on steam, how LIKELY is a ban?

I’m kinda getting the sense steam has more of a problem with people who use a vpn, buy directly from the steam store and therefore commit payment fraud on top of it.

I understand it still might be against TOS and some people here have to give sound and safe advice, I would like to realistically know how determined steam is to enforce people who just buy foreign keys elsewhere and use them.

It’s not about location, it’s about your account region.

Which is weird because I just watched someone use a vpn, start steam, and claim an eu key on their us account.

It depends on the game and the key. They’re not always region locked.

Hmm, so, even though it was stated the game couldn’t be activated in the U.S. and only in EU, it could still not be region locked?