All AW ad displays should respect your geo settings, but neither G's mapping of client IP address to location *nor that of YOUR stats package* is going to be 100% accurate.
What is likely is that your log analysis is *reporting* clicks as coming from US locations inaccurately, eg by seeing a .com on the DNS reverse lookup of the client's address.
Try looking up some of the addresses in somewhere such as [hostip.info....]
Rgds
Damon