Turn on a multi-cooker (such as Instant Pot®) and select Saute function. Heat oil for 1 minute. Add onion and garlic; cook and stir until onion begins to soften, about 5 minutes. Pour in red wine and continue cooking until wine has reduced by 1/2, about 3 minutes. Add beef broth, thyme, parsley, oregano, bay leaf, salt, and pepper; stir to combine. Add tomato paste and stir. Place frozen meat on top. Add potatoes, carrots, and celery.

Close and lock the lid. Close the vent. Select Meat/Stew button according to manufacturer's instructions; set timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions, about 10 minutes. Carefully move the vent to release remaining pressure using the quick-release method according to manufacturer's instructions, about 5 minutes.

Unlock and remove the lid. Mix water and cornstarch in a small bowl and slowly pour into the pot. Select the Saute function and cook until slightly thickened, 3 to 5 minutes.