Maybe I am biased because Ola is a male Norwegian name and is pronounces Ooh-La.

I challenge you to find an "Ola" in a foregin country that was transliterated from Оля.

Keep in mind that English speakers do pronounce a word "Hola" (even though it isn't english), and if you are happy with that pronounciation, then you are fine, but I am certain it is not even close to Оля!