Time out when trying to start from LUKS device

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Trying to boot kernel 3.10.0-1062.el7.x86_64 7.7 (Maipo) I get a time out error:

[    3.313721] rhel kernel: sd 3:0:0:0: [sdd] Attached SCSI removable disk
[    3.527034] rhel kernel: Console: switching to colour frame buffer device 240x67
[    3.527644] rhel kernel: nouveau 0000:01:00.0: fb0: nouveaufb frame buffer device
[    3.540646] rhel kernel: [drm] Initialized nouveau 1.3.1 20120801 for 0000:01:00.0 on minor 0
[    7.257849] rhel systemd[1]: Received SIGRTMIN+20 from PID 403 (plymouthd).
[   91.810469] rhel systemd[1]: Job dev-disk-by\x2duuid-xxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxx.device/start timed out.
[   91.811022] rhel systemd[1]: Timed out waiting for device dev-disk-by\x2duuid-xxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxx.device.
[   91.811514] rhel systemd[1]: Dependency failed for Cryptography Setup for luks-xxxxxxxx-xxxxx-xxxx-xxxx-xxxxxxxxxxxx.
[   91.811990] rhel systemd[1]: Dependency failed for Local Encrypted Volumes.
[   91.812492] rhel systemd[1]: Job cryptsetup.target/start failed with result 'dependency'.
[   91.812979] rhel systemd[1]: Dependency failed for dev-mapper-luks\x2xxxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxx.device.
[   91.813463] rhel systemd[1]: Dependency failed for File System Check on /dev/mapper/luks-xxxxxxxx-xxxx-xxxx-xxxx-xxxxxxxxxxx.
[   91.813926] rhel systemd[1]: Dependency failed for /sysroot.
[   91.814409] rhel systemd[1]: Dependency failed for Initrd Root File System.
[   91.814885] rhel systemd[1]: Dependency failed for Reload Configuration from the Real Root.
[   91.815365] rhel systemd[1]: Job initrd-parse-etc.service/start failed with result 'dependency'.
[   91.815732] rhel systemd[1]: Triggering OnFailure= dependencies of initrd-parse-etc.service.
[   91.815834] rhel systemd[1]: Job initrd-root-fs.target/start failed with result 'dependency'.
[   91.815935] rhel systemd[1]: Triggering OnFailure= dependencies of initrd-root-fs.target.
[   91.816096] rhel systemd[1]: Job sysroot.mount/start failed with result 'dependency'.
[   91.816200] rhel systemd[1]: Job systemd-fsck-root.service/start failed with result 'dependency'.
[   91.816300] rhel systemd[1]: Job dev-mapper-luks\x2xxxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxxx.device/start failed with result 'dependency'.
[   91.816402] rhel systemd[1]: Job systemd-cryptsetup@luks\x2xxxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxx.service/start failed with result 'dependency'.
[   91.816505] rhel systemd[1]: Job dev-disk-by\x2duuid-xxxxxxxx\x2xxxxx\x2xxxxx\x2xxxxx\x2xxxxxxxxxxxxx.device/start failed with result 'timeout'.
[   91.816607] rhel systemd[1]: Started Emergency Shell.

Booting the old 3.10.0-957.21.3.el7.x86_64 kernel works fine. Machine is a Thinkpad X1 Extreme with two encrypted disks in RAID 1.

Does anyone know what the issue might be here?