Set an instant pot to SAUTE and drizzle bottom with oil
Season the beef with salt and pepper, then sear all sides in instant pot, remove and set aside
Add 1/4 cup red wine to deglaze
Using the bacon grease, saute diced onion, carrots, tomato paste, garlic and thyme until the onions are unfrozen and soft.
Add the flour and stir for 1 minute to get rid of the flour taste
Stir in 3/4 cup of wine to deglaze and get all the browned bits off the bottom of the pan
Add the broth, soy sauce, bay leaves, water, butter, mushrooms, sugar, and 1 cup of wine
Add the beef
Cover and set to manual high pressure for 45 minutes
Do a natural release for 10 minutes, then switch to vent for a quick release
Remove lid, saute again to thicken for 5-10 minutes
Serve over mashed potatoes with a nice glass of wine