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As far as I read it you can fly approaches in the UK as you can with your IMCR and with the EASA IR(R) Fly enroute in CAS.
Hence in the UK it can be used like an IR albeit with IMCR minimas.
Out of UK airspace you can only use the EASA IR(R) for enroute IFR in CAS NO Stars or Sids NO instrument approaches.
I can see loads of pitfalls and serious problems with the European part
Happy to be corrected
Pace