Cut the beef and vegetables into bite-sized pieces.
Add oil to a pot and brown the beef until it turns brown.
Add chopped onions, carrots, and potatoes and sauté together.
Add tomato paste and broth, then bring to a boil.
Season with bay leaves, salt, and pepper.
Cover with a lid and simmer over low heat until the beef becomes tender.
Serve the finished stew in a bowl.