Acronis Backup: 'Disk is not found. Ensure that all the hard disks are installed in the machine' error when trying to Run backup as VM

Symptoms

1. You have created a backup of a virtual machine with large virtual disks (disk size more than 300Gb),

2. When you mount a backup using Run as VM option, operation finishes with the following error:

Failed to prepare operations. Error code: 7 'Disk is not found. Ensure that all the hard disks are installed in the machine.'