Nevertheless, fourteen of the athletes taking part are medal winners at the most recent world championships in their respective disciplines.
However, the Kremlin expressed regret over the rejection of the late appeal.
In response, the IOC pulled Olympic invitations from 15 of those athletes, including two former gold medalists.
"The result is freaky: a delegation of "Olympic Athletes from Russia" little different in number than recent Russian Winter Olympic Teams", said Joseph de Pencier, the former CEO of iNADO who continues to work in anti-doping.
The Court ruled the IOC's refusal to invite them constituted no sanction but rather an eligibility decision.
He also noted that by the end of the Olympics, sanctions from the Russian Olympic Committee can be withdrawn in full or in part.
It means 168 Russians will compete at these Games, albeit under the Olympic Athlete of Russia banner.
Meanwhile, the chair of UK Sport Katherine Grainger insisted the loss of snowboarder Katie Omerod, who was considered a medal prospect in slopestyle and Big Air, would not derail Team GB's plans for its greatest ever Winter Olympics.
For Tatiana Volosozhar, a figure skater who won gold for Russia in 2014, the house should be a beacon of hope for Russian athletes in tough circumstances.
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The Russian saga has proved highly contentious in the build-up to Pyeongchang.
Russia's participation has been fiercely debated among athletes and Canada's team was forced to apologise on Thursday after an alleged altercation at the athletes' village.
"Although the ROC was suspended, the International Olympic Committee nevertheless chose to offer individual athletes the opportunity to participate in the winter Games under prescribed conditions - a process that was created to balance the IOC's interest in the global fight against doping and the interests of individual athletes from Russian Federation".
The IOC banned Russian Federation from the Games over a doping scandal.
Fifteen of the 47 who lost their bids on Friday were among a group of 28 who controversially had life bans from the Olympics overturned last week by CAS.
Data compiled by Reuters suggests that, at least on paper, the team for this month's Winter Olympic Games is as strong as past ones even without notable contenders such as excluded short track speed skater Viktor Ahn, a six-time Olympic gold medalist. Should an OAR athlete win a medal, the Olympic theme song will be played during the medal ceremony instead of the Russian national anthem.
The athletes want a "comprehensive review" of how the investigation by lawyer Richard McLaren into Russia's doping conspiracy was handled.
"It's clearly disappointing we're still talking about this on the eve of the Winter Games", said Hugh Robertson, chairman of the British Olympic Association.
Stephen Hess, an worldwide sports lawyer based in Colorado Springs, Colorado, said the decision was a victory for the IOC.
"Today's decision by the CAS.is a small semblance of justice for clean athletes".