Preheat the inner pot on the SAUTE function for 20 Minutes.
Add olive oil to the inner pot. Add the beef ribs skin side down, and sauté for 5-7 Minutes until golden brown. Flip ribs over sauté the other side for an additional 3-5 Minutes. Set aside.
Add the diced onions and minced garlic to the pot. Sauté until fragrant and translucent, about5-7 Minutes.
Pour in the wine and scrape up any browned bits from the bottom.
Stir in the tomato paste, spices, and guava paste until well combined.
Add the ribs to the inner pot and PRESSURE COOK on HIGH for 40 Minutes.
Allow the pot to release pressure naturally for 10 Minutes. After 10 Minutes, flip the valve to release any remaining pressure. Serve while warm.