Blue, white and red colors are quite basic colours but nonetheless, the combination is quite distinctive. Think for example of the Pepsi logo. In this Pepsi logo the circle with the waves are distinctive elements as well.
Nevertheless, how distinctive the Pepsi logo might be, this does not mean that every logo in these colors can be banned. This applies to an opposition of Pepsico against the trademark (left) of a Tunisian beverage manufacturer, the opposition has been dismissed. The reason: the trademarks are insufficiently similar. This opinion of the OHIM is quite understandable. You can say that the element in the middle is somewhat resembling, but the trademark in the whole are rather different.
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“Trademark protection gives freedom to do business.”