Toss the beef with flour, salt, and black pepper until evenly coated. Brown the beef in batches in hot vegetable oil until deep brown on all sides, about 3-5 minutes per batch, and keep the surface visibly dark and crusted.

Cook the chopped onion for 5 minutes, stirring so the onion softens and turns translucent. Stir in minced garlic and tomato paste and cook 1 minute until fragrant and slightly darkened at the edges.

Add the beef broth, water, Worcestershire sauce, sugar, paprika, dried thyme, and bay leaves, then scrape up the browned bits from the bottom. Return the browned beef, bring to a gentle simmer, cover, and simmer gently for 2 hours until the meat is noticeably tender and the liquid tastes cohesive.

Add the potatoes, carrots, and frozen pearl onions, then return to a gentle simmer. Simmer 45 minutes until the vegetables are tender and the gravy visibly thickens, clinging to the spoon rather than pooling.

Remove the bay leaves and season to taste with additional salt and black pepper if needed. Let the stew stand 5 minutes off the heat so the gravy tightens up, then serve hot.