In a small bowl, combine flour and hot paprika. Transfer to a fine sieve and sprinkle on the beef cubes to coat.
In a large deep skillet over high heat, add vegetable oil. When it’s hot, working in batches, add cubes and cook until they just start to brown, about 2 minutes. Using a slotted spoon, transfer to a large bowl while cooking the remaining cubes.
Reduce the heat to medium before adding onions and peppers; sprinkle on sea salt and cook until softened, about 5 minutes.
Transfer to the bowl with partially cooked beef using a slotted spoon.
Reduce the heat to medium-low and allow the skillet to cool off a little before returning to the burner.
Using a spice grinder, crush caraway seeds. Add to the skillet along with mild paprika, smoked paprika, marjoram, thyme, cayenne pepper and freshly ground black pepper. Toast spices, stirring constantly, for about 2 minutes.
Pour in red wine and stir until it forms a paste.
Add 1 cup beef broth and stir until the paste is gone and the liquid is smooth.
Increase the heat to medium and add tomato paste; stir until dissolved.
Add garlic, stir and when it starts to simmer again, transfer the meat and vegetables back to the skillet. Pour in the remaining broth and add balsamic vinegar, sugar and bay leaf. Stir and increase the heat to high; bring to a boil.
Reduce the heat and maintain a steady simmer; cook for 1 ½ to 2 hours or until the meat is tender. During cooking, skim off any fat on top and discard it. If the liquid level is low, add a splash of stock.
About 1 ½ hours later, test the meat tenderness and adjust seasoning if needed.
Finish on medium heat to reduce the sauce, about 30 minutes.
Remove and discard the bay leaf before serving. Ladle over buttered egg noodles or mashed potatoes; spoon on some sour cream and sprinkle with parsley.