Sagbo was initially fined £15,000 by an independent regulatory commission in April after showing support for Nicolas Anelka, who celebrated a goal in West Brom's 3-3 draw at West Ham last December by using the gesture - which is said to have anti-Semitic connotations.
However, the Football Association (FA) opted to appeal the ruling on the grounds that it was unduly lenient.
And that appeal has been upheld by an independent panel, meaning that the Ivorian is now set to miss the opening two games of the 2014-15 campaign.
An FA statement read: "Hull City's Yannick Sagbo has been suspended for two matches after an Appeal Board upheld The FA's appeal against his sanction for social media comments made in relation to the quenelle gesture.
"Sagbo had been charged with an Aggravated Breach of FA Rule E3 in relation to a comment he posted on twitter in relation to Nicolas Anelka's use of the quenelle gesture.
"The charge was that his comment was abusive and/or indecent and/or insulting and/or improper, and furthermore included a reference to ethnic origin and/or race and/or religion or belief.
"Sagbo admitted the charge and the case was considered by an Independent Regulatory Commission which fined him £15,000, warned him as to his future conduct and ordered him to complete a compulsory education course.
"The FA appealed on the ground that the sanction imposed was so unduly lenient as to be unreasonable.
"At a hearing, an Independent Appeal Board upheld The FA's appeal against the original sanction imposed and ordered that Sagbo be suspended for Hull City's first two competitive first team matches of the 2014-15 season in addition to the £15,000 fine and attendance at an education programme.
"This decision is final and binding and there is no right of further challenge."
