Britain's Prime Minister Boris Johnson leaves after a news conference at the European Union leaders summit dominated by Brexit, in Brussels, Belgium October 17, 2019.

The European Union has agreed to give the U.K. three more months to exit the bloc.

European Council President Donald Tusk, who chaired the talks among the 27 European governments, announced the decision Monday on Twitter: "The EU27 has agreed that it will accept the U.K.'s request for a Brexit flextension until 31 January 2020. The decision is expected to be formalised through a written procedure."

This means that the U.K. will be able to leave the EU at any point before Jan. 31, provided that its Parliament approves the exit agreement that Prime Minister Boris Johnson concluded with the 27 other EU leaders earlier this month.

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Tusk's announcement came after a meeting between the 27 European ambassadors in Brussels, where they signed off on a third delay.

A draft document prepared ahead of that meeting, signed Sunday and seen by CNBC, said: "With a view to allowing for the finalisation of all steps necessary for the ratification of the Withdrawal Agreement, including the obtaining of the consent of the European Parliament, the European Council agrees to a further extension."

"It notes that the Withdrawal Agreement will enter into force on the first day of the month following the completion of the ratification procedures by the Parties during this period, which ends at the latest on 31 January 2020."

The U.K. asked the EU earlier this month to be given until Jan. 31 to leave the bloc. A few days later, the U.K. Parliament voted in favor of Johnson's revised withdrawal agreement but said once again that it needed more time to approve all the necessary legislation.

The U.K. had been scheduled to leave the EU on Thursday – after being granted two previous Brexit extensions.

Sterling was trading about 0.1% up against the dollar in the early trading hours of Europe.