Defending champions Russia beat Belarus 69-61 but it wasn't sufficient to see them through to the medal round.
Entering play with two losses in the group, Russia had no chance of advancing to the semi-finals.
Unbeaten Serbia showed off their title ambitions by crushing Russia 93-74 in Wednesday's qualifying round at the U20 European Championship for Women.
Russia trailed 57-55 after 27 minutes played but Serbia hit the defending champions with a 21-4 run (78-59) that bridged the third and fourth quarter to break open a close game.
Russia and Spain, two teams considered medal favourites, needed big second half runs to defeat Belgium and Belarus respectively on the first day of qualifying round action at the U20 European Championship for Women.
Spain trailed 38-23 at the break but turned on the style in the fourth quarter by outscoring Belgium 29-7 en route to a 68-56 triumph.
Unbeaten Spain progressed to the qualifying round of the U20 European Championship for Women as Group A winners after beating Greece 67-47 on Sunday.
For the third straight game, Maria Pina led Spain in scoring with 18 points while Laura Gimeno added 18.
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