This is how you can create a Reserved IP and add it to an Azure Virtual Machine using PowerShell:

#First enter your Azure credentials
Add-AzureAccount

#Reserve a IP Address
New-AzureReservedIP -ReservedIPName -Location "West Europe"

#Retrieve Reserved IP
Get-AzureReservedIP | Select ReservedIPName, Address

#Add IP address to Virtual Machine
Set-AzureReservedIPAssociation -ReservedIPName -ServiceName
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