Article 42.2 of the Spanish International Legal Cooperation Law establishes an action aimed at declaring that a foreign judgment is not susceptible of recognition in Spain (commonly referred to as ‘negative exequatur’). While this action is provided for foreign judicial resolutions, the applicability of the negative exequatur to foreign arbitral awards is unclear, as it remains virtually unexplored by doctrine and case law. This article examines the possibility of seeking the negative exequatur of a foreign arbitral award under the Spanish International Legal Cooperation Law and the New York Convention. Additionally, it analyses whether a potential denial of a negative exequatur of an arbitral award may be considered tantamount to a recognition of such award in Spain.