SAP-BP: Error R11 401 during address creation for country

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Symptom
When creating an address using BUPA_ADDRESS_ADD (or any application that makes use of BAPI_BUPA_ADDRESS_ADD , e.g. CRM PCUI ) , error R11 401 may be encountered- “Enter a value for field Country ISO code”. However, the field ‘Country’ has already been filled.
Other terms
R11 401, R11401, BUPA_ADDRESS_ADD, BAPI_BUPA_ADDRESS_ADD, COUNTRY, COUNTRYISO, TBZ3R_BD, COUNTRY_CODE_SAP_TO_ISO, “Enter [...]