Serbia & Montenegro won the battle for third place after defeating Croatia 85-69.
It was anyone's game heading into the last period, with Serbia & Montenegro holding only a slight advantage at 57-54.
Ricard Rubio recorded his second triple-double of the competition and Alberto Jodar scored 33 points as Spain blew Croatia away 106-82 to reach the final of the Termosteps U16 European Championship against Russia.
Rubio, who has been the main man for the Spanish throughout the tournament, scored 19, grabbed 10 rebounds and dished out 13 assists.
Tomislav Zubcic had his best game of the tournament with 23 points, nine rebounds and seven blocks as Croatia defeated Israel 81-57 at the Termosteps U16 European Championship in Spain.
With the win, Croatia clinched second place in Group E with a 2-1 record and earned a place in the semi-finals.
Croatia's early run helped them beat Turkey 67-58 to go level with their opponents on 1-1 behind Russia in Group E of the Termosteps U16 European Championship.
The Croatians scored the game's first 10 points and never trailed, leading 23-6 at the end of the first quarter and 40-20 at the half.