Heat a large pot (with lid) then add 3 tablespoons of oil. Season beef with salt and pepper and add (fat side down) once the oil is hot. Sear both sides until the meat is browning and rendering its fat. Remove from the pan. Cook meat in batches if using a smaller pot.
Add the onions (in the same pot) and saute until translucent. Put the garlic in next and saute for a few seconds before adding the bay leaves, tomato paste, liver spread, water and 1 teaspoon sea salt. Add the seared meat back, stir well and cover. Bring to a boil and simmer on low until the meat is tender.
Taste and adjust seasoning (salt and ground black pepper), if needed. Add the potatoes* (see note), put the lid back and simmer for 5 minutes. Then, place the carrots and continue cooking until the potatoes are tender. Finally, put in the bell peppers. Turn the heat off. The residual heat is enough to cook it.
Serve with rice.
Notes
*Alternatively, the vegetables (potatoes, carrots and bell peppers) can be fried in oil separately. Just add to the stew once the meat is tender and cook for just a minute more.