Watch: Julian Alvarez's disallowed penalty kick against Real Madrid in the UEFA Champions League

Real Madrid managed to keep their unbeaten record in Champions League knockouts against their rivals Atletico, as they defeated them on penalties. Real Madrid visited Riyadh Air Metropolitano with a slender 2-1 lead. 

The hosts were off to a dream start as they equalised the score on aggregate within 27 seconds of play, as Gallagher quickly found the back of the net. He became the first Englishman to net a goal in the Madrid derby. 

Real Madrid had their chance to finish the game in regulation time. Kylian Mbappe earned a penalty in the 70th minute, but Vinicius Junior failed to convert from the spot, dragging the fixture to extra time and then to penalties.

Julian Alvarez's dramatic penalty 

In a seesaw fixture, a moment that ultimately decided the fate of the match was Julian Alvarez's spot kick in the penalty shootout. What initially seemed to be a fine penalty kick was ultimately turned down by VAR as it was revealed that the footballer had touched the ball twice. Julian Alvarez slipped while taking the penalty and hence had unintentionally touched the ball with his non-kicking foot. However, as per the rule books, the penalty was disallowed, much to the despair of the home side.

Álvarez's penalty is overturned by VAR after a double touch 😳

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Alvarez's effort being ruled out brought Madrid to a 2-1 lead in the shootout. Federico Valverde rose to the occasion and further strengthened their lead. Angel Correa found the net, giving Atletico a glimmer of hope, and goalkeeper Jan Oblak's save against Lucas Vazquez's penalty provided an additional lift. However, Marcos Llorente's shot hit the post and Antonio Rudiger scored the subsequent penalty to secure the victory for the visitors. 

The defending champions will now take on Premier League club Arsenal in the quarter-finals after the Gunners humbled PSV with an aggregate scoreline of 9-3 in the round of 16.

The two Madrid clubs will be back in action in Laliga as Real Madrid will square off against Villarreal, while Atletico Madrid will collide against league leaders Barcelona.