SQL Server 2019 LocalDB installaton fails because of VSS Service startup error

Hello, 

First off, this issue seems identical to what was dicussed in this thread https://social.msdn.microsoft.com/Forums/sqlserver/en-US/1f403993-30dd-4db1-8b7c-5b95d1571a35/microsoft-sql-server-express-localdb-windows-azure-powershell-install-fail-sql-writer-failed-to?forum=sqlsetupandupgrade. I have tried the solution from it, i.e. renaming the system32\msvcr.dll file. Still no luck. When attempting to run the SqlLocalDB.msi file of the 2019 version I am getting the following error:

In the Application log:

Index              : 6606
EntryType          : Error
InstanceId         : 11920
Message            : Product: Microsoft SQL Server 2019 LocalDB  -- Error 1920. Service 'SQL Server VSS Writer' (SQLWri
                     ter) failed to start. Verify that you have sufficient privileges to start system services.
Category           : (0)
CategoryNumber     : 0
ReplacementStrings : {Product: Microsoft SQL Server 2019 LocalDB  -- Error 1920. Service 'SQL Server VSS Writer' (SQLWr
                     iter) failed to start. Verify that you have sufficient privileges to start system services., (NULL
                     ), (NULL), (NULL)...}
Source             : MsiInstaller

In the System log;

Index              : 7609
EntryType          : Error
InstanceId         : 3221232472
Message            : Сбой при запуске службы "SQL Server VSS Writer" из-за ошибки
                     %%1053
Category           : (0)
CategoryNumber     : 0
ReplacementStrings : {SQL Server VSS Writer, %%1053}
Source             : Service Control Manager

Apologies, the text is in Russian since the OS is Russian (not my choice). It literally means Failure to start SQL Server VSS Writer due to errir 1053. I have attempted to manually start the service in the Services.msc - no luck. Switching Local System account to another admin account also didn't help. Has anyone else experienced the same issue and managed to get past it?

Thank you 

Alex