Set pressure cooker to "sear" and add oil. When oil is hot, add onion, green pepper, and garlic. Sauté for 5 minutes. Add salt, paprika, oregano, and black pepper and stir. Add beef stew meat to brown.
Add tomato sauce, bay leaf, wine, beef stock, and cilantro. Close and lock lid, set pressure cooker to "meat/stew", and adjust time to 8 minutes.
When done, natural release for 15 minutes, then quick release to make sure all pressure is released before opening lid. Carefully open lid and ladle over cooked rice. Garnish with parsley.