Studio 2021 does not launch on Windows 11

I have a new laptop that came with W10. I updated it to W11 and then installed Studio 2021. It does not run at all and does not show any error message. 

Multiterm does launch, shows an error message saying: Retrieving the COM class factory for component with CLSID .... failed due to error 8007007e... This message shows 3-4 times then multiterm launches. Studio does not launch at all. I tried uninstalling, redownloading and reinstalling - the result is the same. Studio runs fine on my other computer with W10. Can somebody help?

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