Preheat oven to 350 degrees F. In a Dutch oven, heat oil over medium heat. Season the short ribs with salt and pepper. Place them in the Dutch oven and sear on all sides. Transfer them to a plate. Set aside.
Add onions and cook for 5 minutes until translucent. Stir in minced garlic and cook for 30 seconds. Stir in red wine, beef stock, tomato paste, smoked paprika, oregano, thyme, and bay leaves. Bring to a boil while deglazing the pan. Place the short ribs back into the Dutch oven. Cover with the lid on and place in the oven.
Braise in the oven until the meat is fork tender, falling off the bone, about 2 hours. Remove the lid and cook, uncovered, for another 30 minutes. This will help brown the meat and slightly thicken the sauce.
Remove from the oven. Carefully transfer the short ribs to a plate. Remove as much fat from the sauce as possible. Taste and adjust salt as needed. Serve short ribs with mashed potatoes or risotto. Pour sauce on top. Enjoy!