How to set Static IP Address of the Virtual Machine in Azure cloud?

Open Powershell and select the active subscription:

select-azuresubscription MYSUBSCRIPTIONNAME

Then obtain the free IP address:

Test-AzureStaticVNetIP -VNetName MYNEETWORK

cmdlet Test-AzureStaticVNetIP at command pipeline position 1
Supply values for the following parameters:
(Type !? for Help.)
IPAddress: 192.168.0.4 (this address can be obtained in portal – see picture below)
VERBOSE: 7:46:51 PM - Begin Operation: Test-AzureStaticVNetIP
VERBOSE: 7:46:55 PM - Completed Operation: Test-AzureStaticVNetIP

IsAvailable          : False
AvailableAddresses   : {192.168.0.5, 192.168.0.6}
OperationDescription : Test-AzureStaticVNetIP
OperationId          : bdde3332-01cd-a4d0-a8c5-d4a325fdd7d2
OperationStatus      : Succeeded

Following images show Network Configuration which holds the subnet segment attached to the VM.

As next we chose one of free addresses from blue marked pool (see above)

Get-AzureVM -ServiceName SERVICENAME -Name MACHINENAME | Set-AzureStaticVNetIP -IPAddress 192.168.0.5 | Update-AzureVM
VERBOSE: 7:50:33 PM - Completed Operation: Get Deployment
VERBOSE: 7:50:36 PM - Completed Operation: Get Deployment
VERBOSE: 7:50:36 PM - Begin Operation: Update-AzureVM
VERBOSE: 7:51:08 PM - Completed Operation: Update-AzureVM

OperationDescription                    OperationId                             OperationStatus
--------------------                    -----------                             ---------------
Update-AzureVM                          ba8f5132-9767-a0a1-9633-0d1353ea2858    Succeeded