On Thursday, a Geneva appeals court ruled that the Monaco-based tycoon, one of the owners of the French football club AS Monaco, would have to shell out 564 million francs ($602 million) to his ex-wife Elena, overturning last year's settlement.
Lawyers for the couple confirmed the ruling, while Elena Rybolovleva's legal representative Marc Bonnant told AFP he would appeal the judgment at the Federal Tribunal, Switzerland's highest court.
“Mrs Rybolovleva won the first round, she has partially lost the second round and there will be a third round,” he said.
The billionaire's lawyers expressed satisfaction with the ruling.
One of the contentious points was Rybolovlev's worth, as he had transferred some shares in 2005 to a trust and then sold them three years later at a huge profit.
His ex-wife's lawyers argue that his net worth was calculated on the basis of the 2005 figures and not the 2008 ones.
The court also gave Elena joint custody of their 14-year-old daughter Anna.
She has custody of their elder daughter.
The couple married in Cyprus and were together for 23 years, but have been battling over a divorce settlement since 2008.
Rybolovlev's fortune from potash mining once made him the world's 79th richest person.