Place a large pot over medium-high heat. Pour the vegetable oil into the hot pot.
Add the stew meat and spread into an even layer so that all of the pieces can brown. Cook for 5 to 8 minutes, stirring occasionally until the meat is browned and the liquid released from cooking has been reduced.
Add the beef broth, onions, pepper, and bay leaf to the pot. Stir to combine. Cover, reduce heat to medium-low and simmer for 1 hour 15 minutes, or until the meat is tender.
Remove the cover and add the potatoes, cabbage, and carrots to the pot. Stir to combine.
Recover and simmer for 45 minutes to 1 hour until the vegetables are fork tender.
Uncover the stew and add the tomato sauce and 1/4 teaspoon salt. Stir and simmer for another 15 to 20 minutes uncovered. Season with salt to taste once the stew has finished cooking.
Portion into serving bowls, garnish with fresh parsley, if desired, and serve immediately.
Tip: Place the potatoes in a bowl once you've diced them and cover with cold water. When you're ready to use the potatoes, drain the water. This helps keep them from browning while the stew simmers.