So here is the thing.
There is a "new" check box called "Beta: Use Unicode UTF-8 for worldwide language support". In the administrative language settings for Windows 10. It was initially include in insider build (that I did not have) in April 2018 but it is present in the normal build of Windows 10 1903. I checked this box when I configured Russian language after recent Windows 10 reinstall.
Unchecking this box, allows to get past that screen in the OP. The problem is that in 2019 the installer program fences uses still does not have proper unicode support which is the real source of the issue. I wish stardock updated the installer to one that has a proper unicode support (or just do it in English).
The installer is still seems bugged since it displays the UI in Russian but cannot find the license file on this language. Thankfully though, it does not prevent the installation.
Go to All Settings -> Time & Language -> Language
Then "Administrative Language Settings"
You will see something like this:
Click "Change system locale"
Make sure that "Beta: Use Unicode UTF-8 for worldwide language support" is unchecked. If you unchecked it and clicked OK you will be asked to reboot. Do this.
When coming out of the reboot you will be able to run the installer again. This time it will look like this:
If you read Russian this is almost passable except the Error in the text area. However following the prompts allows the installation to complete.
If you want the "Beta: Use Unicode UTF-8 for worldwide language support", you can go back, check it now and reboot again. The issue seems to be scoped to the installer only and does not affect the actual fences program.
This is now resolved.