Docker-compose fails because of "Failed to get address for Py_DontWriteBytecodeFlag"

Hi all,

I have a perfectly working installation of Docker Desktop for Windows, version
The problem I have now, is that docker-compose will not work.

It always quits with the following error message:

C:\Program Files\Docker\Docker\resources\bin>docker-compose --version
Failed to get address for Py_DontWriteBytecodeFlag
GetProcAddress: Die angegebene Prozedur wurde nicht gefunden.

I have installed Python 3.8, which is also on the PATH, but it did not help either.

Any idea, how I can solve this? Woluld appreciate any suggestion.