cURL error 35 for Cloudflare R2 storage

I encountered the following error while uploading files to Cloudflare R2 S3 compatible storage.

Unable to write file at location: file.txt. Error executing "PutObject" on "https://test.pub-<project-hash>.r2.dev/file.txt"; AWS HTTP error: cURL error 35: error:0A000410:SSL routines::sslv3 alert handshake failure (see https://curl.haxx.se/libcurl/c/libcurl-errors.html) for https://test.pub-<project-hash>.r2.dev/file.txt.

I was using PHP 8.1 and saw similar discussion which suggested to update Laravel to latest version and use PHP 8.2. I upgraded all packages using composer upgrade and moved to PHP 8.2 but still I'm facing same issue.

Any help would be appreciated.