Sear the Beef: Heat oil in a large pot or Dutch oven over medium-high heat. Add the beef chunks and sear them until all sides are browned.. Remove and set aside.
Cook Onions and Garlic: In the same pot, sauté onions until golden. Add garlic and cook for 1 minute.
Add Paprika and Tomato Paste: Stir in paprika, caraway seeds (if using), and tomato paste. Cook for 1-2 minutes to release flavors.
Simmer the Stew: Return the beef to the pot. Pour in the beef broth and bring it to a boil. Reduce the heat, cover the pot, and let it simmer for an hour.
Add Vegetables: Stir in potatoes, carrots, and bell peppers. Simmer for another 30-40 minutes until vegetables and beef are tender.
Season and Serve: Taste and adjust seasoning with salt and pepper. Garnish with parsley and serve warm.