Heat 2 tablespoons of olive oil in a large Dutch oven over medium-high heat. Add the stewing beef in batches, searing until browned on all sides, about 4-5 minutes per side. Remove and set aside.

In the same pot, add chopped onions and cook for about 5 minutes until softened. Stir in minced garlic and cook for another minute until fragrant.

Sprinkle paprika, caraway seeds, dried oregano, and brown sugar into the pot. Stir and cook for about 30 seconds to release aroma.

Pour in tomato sauce and balsamic vinegar to deglaze the pot, scraping up browned bits. Add beef broth and stir together.

Return the seared beef to the pot, cover, and let it simmer for about 2 hours until beef is fork-tender.

Taste and adjust seasoning with salt and pepper. Remove bay leaves and serve garnished with fresh parsley.