We calculate electronic structures of a high-Tc iron-based superconductor Sr2VFeAsO3 by LDA+U method. We assume a checker-board antiferromagnetic order on blocking layers including vanadium and strong correlation in d-orbits of vanadium through the Hubbard U. While the standard LDA brings about metallic blocking layers and complicated Fermi surface as in the previous literatures, our calculation changes the blocking layer into insulating one and the Fermi surface becomes quite similar to those of other iron-based superconductors. Moreover, the appearance of the insulating blocking layers predicts high anisotropy on quasi-particle transports and new types of intrinsic Josephson effects.