Transforming Azure Public IP Addresses from Basic to Standard SKU

Several month ago, the Azure Public IP Standard SKU became GA and offers some new capabilities but also requires security implementations like the association of an NSG before traffic does reach the respective workload behind that public IP.
Before the Standard SKU became available, there was only the Basic SKU you had to use to make your workload publicly available. In most today’s cases, there are still Basic SKUs in use. But what if you would like to make use of Azure Standard Load Balancer using the same public IP address you have already in use for your Azure Basic Load Balancer.
Some days ago, I had a call with Microsoft to clarify if there is any method to keep the public IP while moving from Basic SKU to Standard SKU.
In this call, it was clearly described that there is no easy way to complete a transformation. Since the Azure Public IP Basic and Standard SKUs (IP addresses) each have defined IP address ranges, specific IP addresses of the Basic SKU cannot be moved to Standard SKU.
That means you have to provision a new Azure Standard Public IP and Azure Standard Load Balancer. Once you have copied the configuration to your new workloads, plan your testing and cutover AND do not forget to change the DNS record.