National Bank for Development (VBR) has decided to challenge the decision of the National Bank of Ukraine (NBU) declaring its insolvency, and has sent letters to Ukrainian President Petro Poroshenko, Prime Minister Arseniy Yatseniuk and business ombudsman Algirdas Semeta, requesting them to give attention to VBR’s situation, VBR Board Chairperson Hanna Hurova has said.

"We filed a claim in court to challenge the NBU's decision on declaring the bank insolvent," she said at a press conference in Kyiv on Tuesday.

The bank’s press service told Interfax-Ukraine that on December 2, 2014 the bank filed its claim to the administrative court of Kyiv.

Hurova said that ground for declaring a bank insolvent, in international practice, is the non-fulfillment of obligations to its clients. In Ukraine, the NBU first declared the bank insolvent due to EU sanctions against bank's shareholder.

"I warrant that the sanctions of the European Union did not affect the bank's solvency. The financial indicators at the moment of introducing temporary administration at the bank were all in line with the NBU requirements," the banker said.

She said that in September 2014, VBR successfully passed a stress test conducted by Baker Tilly Ukraine, and on November 24, 2014, three days before temporary administration was introduced, the Finance Ministry included VBR on a list of banks which are permitted to work with budget-funded organizations.