Heat the olive oil in a large pot over medium heat. Add chopped onions and garlic; cook until softened, about 5 minutes.

Add chopped tomatoes, tomato paste, and sugar; cook for another 5 minutes, stirring occasionally.

Pour in vegetable broth, bring to a boil, then reduce heat and simmer for 20 minutes.

Use an immersion blender to puree the soup until smooth. Stir in heavy cream, salt, and pepper. Heat through and serve.