Pat the beef dry with paper towels and season with sea salt and black pepper.
Heat the olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Sear the beef in the pot until browned on all sides, then remove the meat and set it aside.
Add the diced onion and red bell pepper to the same pot, sautéing until the onions are translucent and slightly caramelized.
Stir in the minced garlic, tomato paste, sweet paprika, and caraway seeds, cooking for 1 minute until fragrant.
Pour in the beef broth and return the seared beef to the pot, ensuring the meat is mostly submerged.
Bring the mixture to a boil, then reduce the heat to low and cover with a tight-fitting lid.
Simmer for 45 to 60 minutes, or until the beef is fork-tender and the sauce has thickened into a rich gravy.