In practical terms your blog would be outside the EU jurisdiction so no direct, effective, sanctions could be levied. However if you do take payments, for anything, from within the EU that is where they can hit you; by simply blocking European banks from making payments to you.
I'm not a bitcoin guy but this is a scenario where I can see the technology becoming popular/useful. They can theoretically block your service (like China firewall) but that's harder to pull off and sell to public.
For example it could let games circumvent online gambling laws.
