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Preheat oven to 350Β°F (175Β°C).
Heat olive oil in a large ovenproof pot over medium-high heat.
Season lamb shanks with salt and pepper, then brown them on all sides in the pot. Remove and set aside.
Add onion, garlic, carrots, and celery to the pot. SautΓ© until vegetables are softened, about 5 minutes.
Pour in the red wine, scraping up any browned bits from the bottom of the pot. Let it simmer for 2-3 minutes.
Stir in beef broth, diced tomatoes, tomato paste, rosemary, and thyme. Return the lamb shanks to the pot.
Bring the mixture to a simmer, then cover the pot and transfer it to the oven.
Bake for 2 to 2.5 hours, or until the lamb is tender and falling off the bone.
Remove the lamb shanks from the pot and keep warm.
Skim off any excess fat from the surface of the sauce and simmer to reduce if necessary.
Serve the lamb shanks with the sauce spooned over the top.
Prep Time: 20 minutes
Cooking Time: 2 hours 30 minutes
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