Brown beef in oil in large pot, 6 minutes. Add broth, water and bay leaf. Simmer, covered, 60 minutes.
Meanwhile, cook beets in water to cover in small saucepan until tender, 30 minutes. Remove beets; reserve.
Remove bay leaf from broth. Skim foam. Add potatoes, onion, celery, carrot, turnip, tomato juice, salt, basil, thyme and pepper. Simmer, covered, 20 minutes.
Peel and coarsely shred beets. Add to pot along with cabbage. Cover and cook 10 minutes more. Stir in lemon juice, dill, sugar and pepper seasoning. Garnish servings with sour cream and dill if you wish. Makes 6 servings.