Wrong encoding in sender name with Exchange and Outlook

Wrong encoding in sender name with Exchange and Outlook

When Outlook is set with Exchange ActiveSync account (msync.zoho.eu) sender name is displayed in wrong encoding.
Instead of showing my name in cyrrilyc "Максим" (UTF-8) I see "Максим" (displayed in CP1251).
Found workaround: change username in organization (from control panel) to use only latin letters.

I tested with IMAP and Exhange accounts, the differences in emails source code are the following:
Headers, sent from IMAP account. Name is displayed __correctly.__
From: =?koi8-r?B?7cHL08nNIOTJzMHO0c4=?= < myname@myorganization.org>

Wrong headers, mail sent from Exchange account. Name is displayed incorrectly (see attached screenshot).
From: =?utf8?B?0JzQsNC60YHQuNC8INCU0LjQu9Cw0L3Rj9C9?=< myname@myorganization.org>

My configuration:
Windows 10 Enterprise LTSC x64 (Version : 10.0.17763)
Outlook 2016 (16.0.4738.1000) x64
Region settings: ru-RU