LONDON, Feb 27 (Reuters) - A billionaire ally of Russian businessman Roman Abramovich on Tuesday lost his latest attempt to overturn British sanctions imposed on him after Russia's invasion of Ukraine.

Oil tycoon Eugene Shvidler, whose net worth is estimated by Forbes magazine at $1.6 billion, was sanctioned in March 2022 on the grounds of his association with former Chelsea Football Club owner Abramovich. His two private jets were also seized.

Britain also cited Shvidler's position as a director of London-listed Russian steel producer Evraz and role at Russian oil company Sibneft, sold by Abramovich in 2005, as evidence he obtained a financial benefit from Abramovich.

Lawyers for Shvidler – a dual British-U.S. citizen – had argued Britain was wrong to impose sanctions just because of his relationship with Abramovich.

He lost his initial challenge to the sanctions at London's High Court last year and asked the Court of Appeal to overturn that decision at a hearing in January.

But his appeal was dismissed on Tuesday, in the first substantive appellate ruling on British sanctions imposed following Russia's Ukraine invasion. (Reporting by Sam Tobin; Editing by Kate Holton)