Catshade: It's not like I bought it from CD-keys website; I bought Dead Island for $15 on Green Man Gaming using VPN since it's region restricted; and apparently I can't activate it with VPN turned off. I might just create an alt Steam account just for this game. :|
Look at it from Steams point of view. You made a purchase that benefited them. Why should they ban you. They can't even be hold liabel by your government, because
you were breaking the contract with them and circumvented their measures.
It certainly isn't it Steams interest to discourage such purchases, although they would never publicly allow that. And apart from all that, they would have to catch you anyway. I know a couple of Germans that have this game on their account ...
I think also that Bansama mentioned that he can only
play a game via VPN. And that with Steams approval, iirc.
Pheace: What you 'might' want to consider though is that your steam account hopping from one end of the earth to the other in under 5 minutes might trigger an account compromised flag. So in that sense, if you activate it, long as you keep the time difference between logging in through the VPN and where you live at a reasonable travel time, then there really shouldn't be much of a problem.
Actually, they seem to be pretty cool with it. When I was e.g. in Georgia, I had to use a VPN to purchase "in Germany". I switched back and forth several times a day, and I never had any problems. And Georgia is on some "black lists" when it comes to IP. I still switch often between Sweden and Germany IP, and Steam only ever complains if I want to purchase with a swedish IP. And that also happens a lot, because I often forget that the VPN is still on.