How do I configure GnuPG in MSYS2?

I am trying to configure GnuPG on windows. Everything works in PowerShell.

I have set a environmental variable via the following command

setx GNUPGHOME %APPDATA%gnupg

which essentially writes to registry HKCUEnvironmentGNUPGHOME. This part is OK.

Whenever I try to configure GnuPG in MSYS64, I run into problem. MSYS64 complains about wrong folder because this is what it looks like when I try to run gpg -k:

$ gpg -k
gpg: keyblock resource '/home/celdor/C:/Users/celdor/AppData/Roaming/gnupg/pubring.kbx': No such file or directory
gpg: Fatal: /home/celdor/C:/Users/celdor/AppData/Roaming/gnupg: directory does not exist!

For some reason content of two variables are “glued”. Even if I try to set a local environment variable in MSYS64

$ GNUPGHOME="/c/Users/celdor/AddData/Roamning/gnupg"

and check the variable, and its content is still incorrect, echo $GNUPGHOME

/c/Users/celdor/AddData/Roamning/gnupg

I still cannot see my keyrings. Still if I run gpg -k, the result is the same: I get “glued” content of some two variables, as above.

Any idea how to sort it out?

Thanks