HI Aditi Sharma - Thanks for reaching out over Q&A Forum.
If the VM and the storage are in the same region, then the communication can tend to happen via internal backbone which will be private one. In that case, if you tend to whitelist the Public IP of the VM the connectivity might still not succeed and the recommendation will be to have both inside a VNET and whitelist the VNET on the storage account.
Hope that helps!
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