Preheat oven to 350 degrees.
Pat dry the beef ribs. Coat lightly all over with flour. Season with salt and pepper.
To a large Dutch oven over medium high heat, add one tbsp olive oil.
Add onion and carrots. Cook until onions are translucent (about 2-3 minutes). Remove the vegetables to a plate.
Add 2 tbsp olive oil to the pan. Add the ribs and sear on both sides to form a golden crust (about 1 minute per side). Remove the ribs to a plate.
Add tomato paste and stir until paste melts.
Add wine and stir to deglaze the pot, scraping all the bits from the bottom.
Add beef broth and bring to a boil. Taste sauce and adjust seasoning if needed.
Add vegetables, garlic, and ribs back to the pot. Add fresh thyme and bay leaf.
Place the lid on the pot and bake in the oven for 2 hours.
After 2 hours, reduce the oven heat to 325 degrees and bake an additional 30-45 minutes.
Remove from oven and allow to rest with the lid on for 20 minutes.
Remove the meat and skim any fat off the top of the liquid.
Remove bay leaf.
Optionally, you can strain the liquid to remove the vegetables, or leave whole.