There's always a risk of forcing to deposit in a site when your country is ban, yes, you may use a VPN but you need to make sure you can bear the risk as anytime you can loss all your money when you account is lock, they all have the right to do it and you can't complain because you cheated by violating their TOS.
It doesnt matter what IP you use, your account is linked to your country and you will only get the deposit options that this country gets.
Example, I am German but registered with betfair while living in Japan. Whatever IP I use now, I always get the deposit options Japanese account holders get. I can only deposit via bank, credit card and 2 russian options for whatever reason.
Once your country or whatever is banned by betfair there is no way to use it, trust me. They banned all Germans (or people living in Germany) like 10 years ago because of our stupid 5% betting tax.