Preheat your oven to 160°C (320°F).
Pat the lamb shanks dry with paper towels, then season generously with salt and pepper.
Heat olive oil in a Dutch oven over medium-high heat until shimmering. Add the shanks and sear until deeply browned on all sides, about 4-5 minutes per side. This builds a flavorful crust and seals in juices.
Remove the browned shanks and set aside. In the same pan, add chopped onions and carrots, cooking until they soften and turn golden, about 8 minutes. The kitchen will fill with a sweet, caramelized aroma.
Pour in the red wine and scrape up any browned bits from the bottom with a wooden spoon. Bring to a gentle simmer and cook until the wine reduces by half, about 4-5 minutes. This intensifies the flavor and creates a rich base.
Return the lamb shanks to the pan, nestling them into the vegetables. Add garlic, thyme, and bay leaf. Pour in enough broth to cover the meat halfway, about 500 ml.
Bring the mixture to a simmer on the stove, then cover the pan with a lid and transfer it to the preheated oven. Braise for 2.5 to 3 hours, or until the meat is fall-off-the-bone tender and easily separates with a fork.
Halfway through cooking, gently turn the shanks to ensure even braising. If the liquid reduces too much, add a splash more broth or wine to keep the meat submerged.
Once cooked, carefully remove the shanks and set aside to rest briefly. Strain the sauce through a fine sieve into a saucepan. Bring it to a gentle boil and reduce until glossy and thickened, about 10 minutes, stirring occasionally.
Finish the sauce with a small knob of butter or a splash of wine if desired. Serve the lamb shanks generously covered with the rich, aromatic sauce, accompanied by crusty bread or mashed potatoes.
Enjoy the tender, flavorful lamb shanks with their luscious wine and herb sauce, a perfect hearty yet elegant meal.
