MSDN licenses are designed for per user use, not for use on servers, virtual or physical where more than one person connect.
Based on my research, production VMs need to be licensed separately, physical machines running those production VMs need to be licensed separately, but design/dev/test/demo only VMs running on those physical machines can be MSDN licensed.
Since this is a technical forum and not a licensing one, if you need a definite answer you'd better contact your reseller or a trained Microsoft licensing specialist regarding your licensing questions.
Please do contact the Visual Studio Subscription support.
Hope above information can help you.
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