Both the teams were tied at 1-1 after extra time and it took a heroic effort from Akinfeev to clinch the encounter for the hosts. Russia's five stars in the shootout today have therefore written their names into the history books.
They took the lead on 12 minutes through an own goal from Sergei Ignashevich, but Russian Federation equalized from an Artem Dzyuba penalty and kept the Spaniards at bay for the remainder of the game and extra time.
"I'm not the man of the match, the man of the match is our team and our fans", said Akinfeev, after each converted penalty, and his saves from Koke and Iago Aspas, were greeted with a deafening roar from a crowd of 78,011 at the Luzhniki Stadium.
Swedes pummel Mexico but both advance over Germany
For Granqvist it was his second goal from the spot in the tournament, after he also scored on a penalty kick against South Korea . Hernandez needs one goal to make him Mexico's all-time leading scorer in World Cup play with five.
Koke and Iago Aspas failed to beat Igor Akinfeev, though, as Russian Federation secured a 4-3 win.
For the majority of the match, Spain looked in control, yet Sergei Ignashevich's 12th-minute own goal was the only breakthrough that they could manage.
The tactics meant Russian Federation were stifled as an attacking force but Cherchesov felt it was the only way they could get something from the game.
Their quarter-final opponents will be decided on Sunday night, when Croatia face Denmark in Nizhny Novgorod.
Fifa approved the rule in March for an additional substitute in extra time at the World Cup, but had earlier used it at youth tournaments and the 2016 Olympic football tournaments.
Watch Croatia Vs. Denmark 2018 FIFA World Cup Live Stream
Danish star Christian Eriksen believes his team can defeat Croatia within the regulation 90 minutes . The Scandinavian side are expected to stick around with Martin Brathwaite ahead of Yussuf Poulsen .
Hierro followed suit seven minutes after Erokhin's entrance, sending on Rodrigo Moreno for Marco Asensio.
Nacho - 6 - Imperious surging forward for Spain, Nacho was a pivotal outlet in creating width for his side; he also had a helping hand in winning the subsequent free-kick for La Roja's opening goal.
Meanwhile, Mark Geiger has been assigned to referee Tuesday's World Cup last-16 match between England and Colombia, four years after he became the first American to officiate in the knockout stage of soccer's showcase.
Spain join Germany, Argentina and Portugal as the fancied teams eliminated.
Resounding wins over Saudi Arabia and Egypt elevated expectations for Stanislav Cherchesov's side before they were dealt a dose of reality in a 3-0 loss to Uruguay.
Umtiti reveals difference between Messi at Barcelona, Argentina
We don't trust Argentina to shut out France , nor do we expect Les Bleus to deny the South Americans the goals they covet dearly. Messi scored against Nigeria in Argentina's final group stage match, helping boost the nation into the knockout stage.