Heat oil in large stockpot over medium heat. Add carrots and chopped onion and saute for about 5 minutes. Stir in stock, thyme and paprika. Bring to a simmer and cook for 10 minutes stirring constantly.
Add tomato juice, tomatoes and half the basil. Return to a simmer and cook uncovered, about 40 minutes.
In small batches, pulse 2-3 times in a blender or use an immersion blender. Season with salt and pepper.
Garnish with remainder of basil.
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