Preheat your oven to 325°F (165°C).

In your Dutch oven, heat the olive oil over medium-high heat and sear the lamb shanks on all sides until browned.

Remove the shanks and set aside. In the same pot, add the chopped onion and carrots, cooking until softened, about 5 minutes.

Add the minced garlic and tomato paste to the vegetables, stirring for about a minute.

Pour in the red wine, scraping up any browned bits from the bottom of the pot.

Once the wine reduces slightly, add the broth, rosemary, thyme, and the seasoned lamb shanks back into the pot.

Cover the pot and place it in the preheated oven. Let it cook for 2.5 to 3 hours, or until the meat is fork-tender.

Once done, remove the shanks and let them rest for a few minutes before serving.