One of the sources said the information was financial in nature, which could either be some sort of embarrassing proof that Trump isn't as rich as he says he is, or could be embarrassing because it shows he does have ties to serious financial ties to Russian Federation after all, after denying it many times.
The sources that spoke with CNN, however, cautioned that the Russians might have made up the claim or exaggerated it as part of disinformation tactics.
The sources cautioned that the Russian claims may have been exaggerated or even made up as part of a disinformation campaign, but US intelligence services believed the conversation showed a clear intent by Russia to influence the presidential election between Trump and Hillary Clinton.
CNN's sources declined to say whether it was about Trump or members of his campaign team that the Russians claimed to have obtained compromising information.
According to CNN, the source told the news outlet the intercepted communications suggested the Russians appeared to have thought "they had the ability to influence the administration through the derogatory information".
The report said the sources would not say which campaign associates were talked about, and one source said the USA names intercepted in the surveillance were masked but the conversations were focused on Trump's team.
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Russian President Vladimir Putin has regularly denied that the country tried to influence the election.
A White House spokesman told CNN: "This is yet another round of false and unverified claims made by anonymous sources to smear the President".
Trump and his White House will probably never publicly admit it, but it seems like they're starting to see Schumer's point. However, the sources also said Russian Federation may have exaggerated the claims. "The reality is, a review of the President's income from the last 10 years showed he had virtually no financial ties at all".
By the time Trump took office, questions about some of his aides' financial dealings with Russian entities were already under investigation.
Without the tax returns of Trump and other others closest to him, it is impossible to know if the Russians are telling the truth.