Pat beef cubes dry with paper towels and season generously with salt and pepper. Toss with flour until evenly coated.
Heat 2 tablespoons olive oil in a large Dutch oven over medium-high heat. Brown beef in batches, about 4 minutes per side, then transfer to a plate.
Add remaining oil to the pot and sauté onion until softened, about 5 minutes. Add garlic and tomato paste, cooking for 1 minute until fragrant.
Pour in red wine, scraping up any browned bits from the bottom of the pot. Let simmer for 5 minutes to reduce slightly.
Return beef and any accumulated juices to the pot. Add beef broth, bay leaves, and thyme. Bring to a boil, then reduce heat to low, cover, and simmer for 1.5 hours.
Add carrots and potatoes, cover, and continue simmering for 45 minutes until vegetables are tender and beef is fork-tender.
Remove bay leaves, adjust seasoning with salt and pepper, and garnish with fresh parsley before serving.