LONDON — In a new twist on Brexit fallout, EU officials are telling UK-based airlines including easyJet and Ryanair as well as British Airways parent IAG that they could lose the right to fly within continental Europe if they don’t relocate headquarters to the EU and sell off shares to European nationals. The process to trigger Britain’s exit from the EU is set to start March 29.

To comply with EU regulations, and to continue flying routes within the EU, UK-based carriers would need to have a significant base of operations and investment in the EU, officials warn.

Some in the industry are anticipating that the UK will fire back with its own route restrictions for EU-based carriers.

As reported in The Guardian, easyJet has built its business model on cheap flights across continental Europe.

British Airways doesn’t operate flights specifically within continental Europe but the warning has ramifications for BA’s parent IAG. IAG says it will “continue to comply with the relevant ownership and control regulations.”

Ryanair has headquarters in Ireland but could have issues when it comes to its capital shares.