Yes? I agree "geo" and "region" are synonymous here, but as I understand the word "blocked" to be "blocked" a transaction has to be in action in the first place - and if one party to the transaction (steam) isn't interested then the transaction wasn't in action.
Similarly you can block a punch, but not if it was never thrown.
So I am not blocked from buying a game based on my geographic location, I am merely restricted from it based on my region...