Heat vegetable oil in a large skillet over high heat; sear beef until browned on all sides, about 5 minutes. Transfer beef and oil to a large pot.
Mix water, carrots, onion, celery, Worcestershire sauce, salt, sugar, pepper, paprika, garlic, bay leaves, and allspice with beef; cover pot and simmer over low heat for 1 1/2 hours. Add potatoes to stew, cover pot, and simmer until potatoes are tender, about 40 minutes more.