Acronis Backup Advanced 11.7: Accessing Managed Vault Fails with "Locations are not initialized yet" or "The vaults are not initialized yet"

Symptoms

An attempt to access a managed vault fails with:
Locations are not initialized yet.

You try to restart Acronis Storage Node. After restarting ASN an attempt to access its managed vaults fails with:
The vaults are not initialized yet. Please try again later after the storage node is completely initialized.
Error: 0x2700FF
$module = "storage_server_vsa64_50083"
Tag: 0xB3F2099EAFF248AC