In a recent update, Valve has revealed that teams with representation from several countries where it is hard to assign them to a region will now be playing from the stronger one, thus making all the multi-region teams appear in single VRS rankings.
International teams where players belonged to several regions where no clear majority could have been defined had the freedom to play from the region they chose; however, the latest update will automatically assign them to the strongest region among the regions of players in the roster.
Updating regional representation so teams only appear on a single VRS list. In the case of a tie, the team is assigned to the stronger of the two regions,” the changelog reads.
The rankings of the Regions will be defined by the number of slots held by said region in the previous Major. Therefore, more slots for a region would mean that it would rank higher than the one with less number of slots.
Liquid, being the highest rated team that has 3 players from EU and 2 from NA, was competing in NA for qualification, but the latest change will see them forced to play from EU, given EU holds more slots in the Major than NA, making it the stronger region.