Heat the oil in a large pot or preferably Dutch oven over medium heat.
Pat your meat dry and season with your salt and pepper.
Add meat to pot and sear on sides, turning occasionally for about 7 minutes until all sides are browned. Don't overcrowd your pan. Do it in batches if needed.
Remove the beef from the pan. Add in half a cup of the wine to deglaze the pan. Use a wooden spoon to scrape up the bits.
Add in your chopped onion and tomato paste and saute until tender, about 6-7 minutes. Add in your garlic and saute for another minute.
In a small bowl, combine your broth, flour and the rest of the red wine. Mix until flour has dissolved. Add liquid mixture to pot. The color will be weird but don't worry. Add in your bay leaf and your beef. Cover and let it simmer on low for 1 hour.
After 1 hour, check on the stew. If the liquid has evaporated too much, add more beef broth. Add in your chopped carrots and potatoes. You want to make sure the carrots and potatoes are covered by liquid. Cover and let it simmer for another 30-40 minutes, until the carrots and potatoes are soft enough.
Serve in bowls, perhaps with chunky bread.