Prepare all vegetables and ingredients before starting the recipe.
Set the Instant Pot to sauté and add the oil.
Once the oil is hot, add the onion and beets. Stir occasionally, until onions are translucent, about 2-3 minutes.
Turn off the sauté setting and add in broth or water and salt and pepper seasoning.
Secure the lid of the Instant Pot and cook on the soup setting for 20 minutes.
Allow a natural release then either use an immersion blender to purée the soup or wait until it has cooled and use a blender.
When the soup has somewhat cooled, ladle it into a large resealable freezer bag or two medium resealable freezer bags.
Taste and adjust seasoning - adding in lemon and topping with sour cream and dill, if desired before serving.
Borscht can be served hot or cold (as a gazpacho).