Russia clinched a surprise 86-74 victory over favorites Lithuania on Saturday night in the Palacio de Deportes, while Spain defeated defending champions Greece 82-77.
The Russian team's semifinal victory gave them automatic qualification for the 2008 Beijing Olympic Games.
The Russian side led by Israeli-American coach David Blatt dominated Lithuania, taking an early lead which they maintained throughout the match. Utah Jazz forward Andrei Kirilenko gave a strong individual performance, with 29 points and eight rebounds.
"Our goal coming to this EuroBakset was to reach the Olympics. We've done that and now we're aiming at the finals. If we play as we did tonight, nobody can count us out," Kirilenko said after the match.