LONDON (Reuters) - A billionaire oil tycoon tried again on Wednesday to overturn British sanctions imposed over Moscow's invasion of Ukraine in the first case of its kind to reach the UK's Supreme Court.

Eugene Shvidler was put under sanctions in March 2022. He says the decision was arbitrary, as other companies and executives involved in business which is strategically significant for Russia have not been targeted.

Shvidler was sanctioned on the grounds of his association with former Chelsea Football Club owner Roman Abramovich, who Britain says has benefited financially from supporting the Russian government.

Abramovich has previously said it is false to suggest he benefited by supporting the Russian government.

Shvidler – whose net worth is estimated by Forbes magazine at $1.6 billion – has fought against his designation, which has so far ended in defeat, with Britain maintaining its 100% record of defending sanctions challenges.

He is now asking the Supreme Court to overturn the sanctions, which Shvidler says have destroyed his business and disrupted his and his family's lives.

Britain's Foreign Office, which has overseen the sanctioning of more than 1,700 individuals or entities since Russia's invasion, argues it was right to believe sanctioning Shvidler could secure Britain's foreign policy aims.

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 had obtained a financial benefit from Abramovich.

Shvidler's lawyer David Anderson argued in court filings that this was arbitrary, as others with greater involvement in business of importance to Russia were not sanctioned, citing BP's previous joint venture with Rosneft.

Lawyers for the Foreign Office said that was wrong and that decisions on whether companies were strategically significant to Russia were a matter for the government.

BP did not immediately respond to a request for comment.

Shvidler's case will be followed on Thursday by an appeal brought by Russian businessman Sergei Naumenko, whose superyacht was detained in London.

Naumenko says he was targeted simply because he was a wealthy Russian, despite the fact that he had no involvement in Russian politics.

The Supreme Court is expected to give a ruling on the two appeals at a later date.

(Reporting by Sam Tobin; Editing by Alison Williams)