Heat 1 tablespoon of olive oil in a large Dutch oven over medium-high heat. Season the beef with 2 teaspoons of salt and 1 teaspoon of black pepper. Add the beef to the pot in batches, searing until all sides are browned, about 8 minutes per batch. Remove and set aside.
In the same pot, reduce the heat to medium and add the remaining olive oil. Stir in the onion and garlic, cooking until onions are translucent, about 5 minutes. Add the tomato paste, stirring to coat the vegetables.
Sprinkle the flour over the cooked onions and stir until it's well incorporated. Slowly pour in the red wine to deglaze the pot, scraping up any browned bits. Increase the heat to a simmer until the wine reduces by half.
Add back the seared beef, along with beef broth and bay leaves. Increase heat to a boil, then reduce to low and cover the pot. Let the stew simmer for 90 minutes, ensuring the beef becomes tender.
Stir in potatoes and carrots, cover again, and cook for an additional 45 minutes until vegetables are tender. Discard bay leaves and garnish with fresh parsley.
Notes
Store stew in the fridge for up to 3 days, or freeze for up to 3 months. Reheat on the stove for best results.