Shred the beets, onion, and carrot using a food processor.

Bring the vegetable broth to a low boil in a large pot.

Add olive oil, sugar, white vinegar, bay leaves, smoked paprika, black pepper, dried dill, and sea salt to the boiling broth.

Introduce the shredded vegetables to the pot.

Cover loosely and simmer for 40 minutes, or until the broth is mostly absorbed.

Remove the pot from the heat.

Let the borscht stand for 40-60 minutes to allow the flavors to meld.

Serve the borscht warm or hot.

Optional: For a creamier version, use less vegetable broth and add unsweetened soy, rice, or almond milk.