In a large skillet or a dutch oven heat 2 to 3 tbsp of the olive oil over low heat. Add onions, bell pepper, tomatoes, garlic, and carrot and saute for 3 to 4 minutes after which you add the white wine. When the alcohol has evaporated completely, add half a cup of tomato juice mixed with 1 cup of water, bay leaves and season with pepper. Cover the pan with a lid and let the sauce simmer on low heat until the vegetables begin to disintegrate, about 45 minutes. From time to time add a bit of water to retain a relatively liquid consistency.
Poke holes in the olives with a toothpick and place them in a bowl filled with cold water, to remove some of the saltiness, soak them for 30 minutes, after which drain them well.