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June 16 (Reuters) - Russia promised on Thursday to speed up talks about increased gas sales to China and warned that Europe would pay a hefty price for its oil embargo against Russia.

Deputy Prime Minister Alexander Novak said Europe would pay an extra $400 billion in higher energy prices and could face a shortage of oil products. He did not give a time frame.

Russia is heavily reliant on its multi-billion dollar energy exports for its financial health, while more than half the European Union's gas imports come from Russia, leaving the bloc exposed to any supply disruptions.

EU leaders have agreed an embargo on Russian oil sales which they say could cut out 90% of Russia's oil exports to Europe. Novak predicted the plan to cut oil imports could lead to a shortage of oil products in the European market.

Speaking at Russia's flagship international economic forum in St. Petersburg, he also blamed "poor energy security planning" in the U.S. and Europe for record-high pump prices and surging inflation.

Russia says it can switch energy exports away from Europe to countries like China and India in order to cover the loss of lucrative European sales. However, Novak said Russia's energy infrastructure - most of which is directed towards supplying its western neighbours - would need to be developed to ensure pipelines and supply routes could reach new markets and ship increased volumes. (Reporting by Reuters; Editing by Edmund Blair and Jonathan Oatis)