A thermal bridge is created when materials that are poor insulators come in contact, allowing heat to flow through the path created. Insulation around a bridge is of little help in preventing heat loss or gain due to thermal bridging; the bridging has to be eliminated, rebuilt with a reduced cross-section or with materials that have better insulating properties, or with an additional insulating component (a thermal break)
When insulating a basement wall with foam insulation, leave a space behind the studs, allowing the foam to provide that thermal break between the exterior wall and the stud. If using batts, put a layer of polystyrene insulation board along the exterior wall before you put up the studs and batt insulation.