Coat the beef chunks in a mix of flour, paprika, salt, and pepper.

In a large pot or Dutch oven, heat 1 tablespoon of olive oil over medium heat. Brown the beef chunks in batches, cooking each for about 5 minutes and setting aside once browned.

Add the remaining olive oil to the pot. Cook the chopped onions, green bell pepper, and celery for about 5 minutes until softened.

Add the minced garlic and tomato paste, cooking for another minute until fragrant.

Pour in the red wine, beef stock, and Worcestershire sauce, scraping up any brown bits from the bottom.

Return the browned beef along with the Italian seasoning and bay leaf. Bring to a boil, then reduce heat, cover, and simmer for 2 hours.

After 2 hours, add the diced potatoes and carrot chunks and continue simmering for another hour until meat is tender and vegetables are cooked through.

Remove the pot from heat and let the stew rest. For better flavors, refrigerate for 24 hours before reheating.