After a more thourough dive in GPGME logs, it is now crystal clear to me
that the matter is that GPG is unable to import the key data that GPGME
tries to feed into it at key import time.

Here is the result of the GPG secret key import (working) inside the
chroot :

[GNUPG:] KEY_CONSIDERED <key_id>.
[GNUPG:] IMPORTED <key_name>.
[GNUPG:] IMPORT_OK 1 <key_id>.
[GNUPG:] IMPORT_RES 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0

- Count : 1
- Imported : 1
- Sec Read : 1
- Sec Imported : 1


And now the failing one from initramfs :

[GNUPG:] IMPORT_RES 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0.

- Count : 1
- No_User_ID : 1
- Imported : 0
- Sec Read : 1
- Sec Imported : 0


IMPORT_RES <count> <no_user_id> <imported> <imported_rsa> <unchanged>
    <n_uids> <n_subk> <n_sigs> <n_revoc> <sec_read> <sec_imported>
    <sec_dups> <not_imported> <skipped_new_keys>


However it further seems to properly receive the encrypted data, but is
unable to decrypt it because it has no keys.

I have no clue about why, and what the difference can be, but I need a
break for now as I have spent my entire sunday wrestling with this :-\

Thanks again for your help.

ॐ

-- 
Michel Bouissou <mic...@bouissou.net> OpenPGP ID 0xEB04D09C

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