Below command worked for me. Just we need to make sure that we import the key in same account under which SSIS package will be running.
--pinentry-mode=loopback --passphrase XXXXXX -o \LSRSQL08ShareWorkingFoldersACXMDataLoadRazor_FEB21_Install.txt -d \LSRSQL08ShareWorkingFoldersACXMDataLoadRazor_FEB21_Install.txt.pgp
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