Yes, Starting June 1, 2013, any current MSDN subscriber who has activated their subscription may run most of the software licensed under MSDN on Azure Virtual Machines, providing greater flexibility for developing and testing their applications.
This cloud use right applies to all software included in the MSDN subscription except Windows client and Windows Server. Windows client (Windows 7, Windows 8, etc.) is only licensed to run on local devices. MSDN subscribers can run Windows Server on Azure Virtual Machines, but since this is not included as part of the cloud use rights, subscribers will be charged at the rate of Windows Server Virtual Machines. This cloud use right be available through Qualified MSDN Cloud Partners as well. More details on this new program will be made available soon. Please consult the Visual Studio and MSDN licensing white paper for additional details on cloud use rights.
In addition to this new use right for MSDN subscribers, we updated the Azure MSDN benefit to provide MSDN subscribers a monthly credit to use toward Azure services and reduced rates for running Windows Server Virtual Machines.