The Cyg OB2 stellar association hosts an entire zoo of unique objects, and among them – an enigmatic star Cyg OB2 No. 12 (Schulte 12, MT 304). MT 304 is enigmatic not only due to its highest luminosity (according to various estimates, it is one of the brightest stars in the Galaxy), but also because its reddening is anomalously large, greater than the mean reddening in the association. To explain the nature of anomalous reddening (AV ≃ 10 mag) of MT 304, we carried out spectrophotometric observations of 25 stars located in its vicinity. We mapped interstellar extinction within the 2.5 arcmin radius and found it to increase towards MT 304. According to our results, the two most reddened stars in the association after MT 304 are J203240.35+411420.1 and J203239.90+411436.2, both located about 15 arcsec from it. Interstellar extinction AV towards these stars is about 9 mag. Our results favor the hypothesis of the circumstellar nature of reddening excess. In the second part of the paper we present the results of our modeling of MT 282 (B1 IV) and MT 343 (B1 V), which belong to the older population of the association and have ages greater than 10 Myr.