With the help of an Instant Pot® and some cola, these saucy short ribs will give you that "braised all day" flavor and tenderness in just under two hours. The acidity of the cola not only helps tenderize the beef, but also rounds out the spices and balances the dish.
Combine the paprika, chili powder, onion powder, garlic powder, cumin, 1 tablespoon salt and 2 teaspoons pepper in a large bowl. Add the short ribs to the bowl, rub the spice mixture all over and allow to rest for 10 minutes.
Set a 6-quart Instant Pot® to high saute (see Cook's Note) and add 2 tablespoons of the oil once it is hot. Working in batches, sear all 4 sides of each short rib, about 2 minutes per side. Set the short ribs aside on a plate.
With the pot still on high saute, add the remaining 1 tablespoon oil. Add the onions and cook, stirring occasionally with a wooden spoon to scrape up bits on the bottom, until softened, about 3 minutes. Add the tomato paste and garlic and cook until the tomato paste is deeply toasted, 1 to 2 minutes. Add the cola, Worcestershire sauce, bay leaves and 1/2 cup of the beef broth and stir to combine. Put the ribs back into the pot along with any juices on the plate and turn to coat with the liquid. Follow the manufacturer's guide for locking the lid and preparing to cook. Set to pressure cook on high for 45 minutes.
After the pressure-cook cycle is complete, follow the manufacturer's guide for quick release and wait until the quick-release cycle is complete. Careful of any remaining steam, unlock and remove the lid and transfer the short ribs to a large plate.
Use a ladle to skim any excess fat off the top of the liquid and then turn the pot back to high saute. While the liquid begins to simmer, combine the remaining 2 tablespoons of beef broth with the cornstarch in a small bowl to make a slurry. Whisk in the slurry and cook, whisking intermittently, until the sauce is reduced and thickened to a syrup-like consistency, 15 to 20 minutes. Season the sauce with salt and transfer the short ribs back to the pot to coat with the sauce. Serve the short ribs hot with the sauce over mashed potatoes, polenta or rice, if using.
Settings may vary on your Instant Pot® depending on the model. Please refer to the manufacturer's guide.
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