Error while Using Restic to Backup - TooManyRequests

Hello, I am using the backup tool restic to upload backups to Cloud Archive. Unfortunately the tool fails immediately with TooManyRequests error, after only 5 HTTP requests.

Is this a quota issue ?

Here is a sample of the HTTP requests made by the program run in debug mode.

2022/05/10 00:05:28 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 7 ------------ HTTP RESPONSE ----------
HTTP/1.1 201 Created
--
2022/05/10 00:05:29 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 13 ------------ HTTP RESPONSE ----------
HTTP/1.1 204 No Content
--
2022/05/10 00:05:30 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 71 ------------ HTTP RESPONSE ----------
HTTP/1.1 200 OK
--
2022/05/10 00:05:34 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 47 ------------ HTTP RESPONSE ----------
HTTP/1.1 200 OK
--
2022/05/10 00:05:34 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 30 ------------ HTTP RESPONSE ----------
HTTP/1.1 429 Too Many Requests
--
2022/05/10 00:05:35 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 76 ------------ HTTP RESPONSE ----------
HTTP/1.1 429 Too Many Requests
--
2022/05/10 00:05:36 debug/round_tripper_debug.go:96 debug.loggingRoundTripper.RoundTrip 50 ------------ HTTP RESPONSE ----------
HTTP/1.1 429 Too Many Requests