Currently, there are only 5 colleges in the country that are both need blind and will meet 100% of demonstrated need to international students.
For most schools in the U.S. the ability to pay is a factor in the admissions process. So even if one is eligible for merit scholarships, they will have to demonstrate financially that they can pay the rest of the bill.
I would think that the finances are being looked at when merit is offered to determine whether or not it will make an appreciable difference. If the COA is $70k and the student needs $70k to attend, even if the school says the student meets the requirements for a 25k scholarship, I still think that this student would be rejected because they do not have the means to pay the remaining $45K and the school does not have it to give.