"python3.dll" doesn't directly depend on "python39.dll", so the loader waits to load it until first accessed via GetProcAddress(). It should remember the activation context of "python3.dll", such as whether it was loaded with a fully-qualified path and LOAD_LIBRARY_SEARCH_DLL_LOAD_DIR | LOAD_LIBRARY_SEARCH_DEFAULT_DIRS -- or LOAD_WITH_ALTERED_SEARCH_PATH. It works for me.